The selected Journal article is based on topic namely “Ecological Economics”. The Journal is related to the deep analysis of the study and management of ‘nature’s household’ (ecology) and “humankind’s household” (economics).The overall analysis of the journal integrates the study regarding the environmental policies framed by the government is not beneficial for the environment in the long run. Moreover, this article focuses on the key elements of the environment which contributed majorly to the sustainable development. This article identifies sustainability development and contribution of economics towards the development of an environment in the long run (Reverchon and Nasser, 2013). The various studies and methodologies determine the key facts and findings regarding the technological, infrastructure, lifestyle and institutions from the past decades.
Moreover, it focuses on the demand factor that needs drastic reductions of environmental burdens. For e.g. Greenhouse gases implied that current technology is not sufficient to cope with that issue. Moreover, another important element in the article focuses the innovations that offset the costs and burdens of the environmental regulations. Moreover, this article coherently explains the relationship between the innovations in techniques and their impact on the demand, supply and cost factors of the technology. It is assumed by the authors that new types of vehicles, renewable energy systems, and infrastructure need more innovations in their techniques. This article determines from the economic point of view it analyzed that changes in the technology and energy sector from the past decade is still far from the equilibrium factor (Smith Smith and Waters, 2012).
As per the analysis of the particular journal article, authors depict the important findings and research on the various problems related to the ecological innovation. Moreover, it also identified that author used the theoretical or qualitative model to carry out the research issue significantly (Fontana and Sawyer, 2016). The researcher used the systematical and theoretical analysis of the methods in the field of study that is easy to identify the problems and opportunities in the field of research. Along with this, it is also determined that a technique which is used by the researcher is critics by some of the authors (Wilson, 2012). As compared to other articles from the similar problem it finds that current methodological and theoretical frameworks do not address the some of the important issues in the research significantly.
Richardson, et al., (2015) argued that research needs can be identified to improve our understanding of innovation process towards sustainability in their different dimensions, complex feedback systems, and interrelations. On the other side, it can analyze from the different articles, this research article is devoted to the developing new methodologies, techniques and investigating the implications of various ideological assumptions. The theoretical implications or technique is helpful for the researcher to answers the research problems effectively (Spash, 2012). From this approach, the researcher effectively relates the movements of the economy with the ecology. The qualitative technique is used by the researcher to address the research problems with the aim of the detailed description of observations, including the context of events and circumstances. In this study, the researcher used the inductive methods to analyses the problems related to the issue (Costanza,et. al., 2014).The researcher assumed that inductive method is best for the study because it is based upon the qualitative technique.
The researcher assumes that three types of changes are important for the sustainable development (eco-innovation).Firstly, the role of the technological, social and institutional innovation helps the environmental regulations and lastly, the researcher assumes that double externality problem, push and pulls effect and the increasing importance of social and institutional innovation. The researcher assumes that increase in the demand of some important variables like technological and social changes will contribute positively in the ecological systems (Costanza, et. al., 2014). Moreover, the author also assumes the neo classical theories and coevolutionary approaches from environmental innovation economics to ecological research are discussed.
Strengths and weaknesses of the Methodology
Every research methodology has the positive and negative points of the study. From this particular article, it determines that research methodology has certain strengths and weaknesses. The strength of the research methodology is that it is based upon the qualitative technique that gives the end number of data regarding the research problem. From this method, the researcher has the number of sources to analyses the problem of the research and accomplishes the research objectives significantly. Similarly, it is also found that a number of variables are assumed by the researcher for a particular topic is wide that gives the appropriate results to the researcher regarding the research problem (Spash, 2013). Lastly, the inductive method is used by the researcher is beneficial for the research due to theoretical information. Besides this, the weaknesses in the research methodology are that researcher could not address the problems effectively in some areas due to the bias of information or lack of proper sources.
Findings from the research article
It can be identified from the journal article that depicts that role of technological, social and cultural innovation impact on the sustainability development. Moreover, it is also found from the analysis of the article that changes in the demand, supply, and consumption of the resources increases or decreases the sustainable development in the long run. Moreover, it is also found from the author views that innovation in technology and sustainable methods develop the sustainable approach. It is also found that some of the researchers argues that neo classical theory of economics does not contribute much in the sustainable development (Alcott, 2012). Moreover, the researcher also finds that three important variables are the major reason that contributes into the economic innovations i.e. technology push, regulatory push and market push. These three variables contribute the major role in the sustainability development.
Potential to impact on the environmental management or decision making in practice
As per the overall analysis of the article, it can be identified that innovation in process, products, and organizations reduced the burden on the environment in the long term. It is also depicts from the study gives the appropriate evidence and solutions regarding the research problem which can help the management to improve the decision-making process of the environmental management. Moreover, environmental economics like changes in the tax regime and tradable permits has been the important lessons from the environmental economics. These instruments have been identified as environmental policy instruments with highest dynamic efficiency. Similarly, technological innovations like revise the criteria of the technology in auto industries are according to the combustion level of the cars (Daly, 2013).
These parameters help companies to reduce the level of emissions from the transport helps to sustainable development in the long run. Moreover, the ‘push’ concept of the economics enables companies to produce eco-friendly products which contribute an important role in the environmental management. On the others side, it is also identified from the double externality problem reduces the incentives for firms to invest in eco-innovations. Innovation policy cuts the costs of the technological, institutional and social innovation, especially in the phases of invention and market introduction. For instance, by financial support for new projects and in diffusion stage it also improves the performance of characteristics of eco-innovations (Rezai, Taylor and Mechler, 2013). As per the above studies and theories discussed in the article, it seems that it lacks in some areas of the studies which hamper the decision making the process of the environmental management.
Alcott, B., (2012) Population matters in ecological economics. Ecological Economics, 80, pp.109-120.
Costanza, R., Cumberland, J.H., Daly, H., Goodland, R., Norgaard, R.B., Kubiszewski, I. and Franco, C., (2014) An introduction to ecological economics. CRC Press.
Daly, H., (2013) A further critique of growth economics. Ecological economics, 88, pp.20-24.
Fontana, G. and Sawyer, M., (2016) Towards post-Keynesian ecological macroeconomics. Ecological Economics, 121, pp.186-195.
Reverchon, S. and Nasser, W., (2013) Dickeya ecology, environment sensing and regulation of virulence programme. Environmental microbiology reports, 5(5), pp.622-636.
Rezai, A., Taylor, L. and Mechler, R., (2013) Ecological macroeconomics: An application to climate change. Ecological Economics, 85, pp.69-76.
Richardson, L., Loomis, J., Kroeger, T. and Casey, F., (2015) The role of benefit transfer in ecosystem service valuation. Ecological Economics, 115, pp.51-58.
Smith, T.M., Smith, R.L. and Waters, I., (2012) Elements of ecology. San Francisco: Benjamin Cummings.
Spash, C.L., (2012) New foundations for ecological economics. Ecological Economics, 77, pp.36-47.
Spash, C.L., (2013) The shallow or the deep ecological economics movement?. Ecological Economics, 93, pp.351-362.
Wilson, R.F., (2012) Energy, ecology, and the environment.UK: Elsevier.