Economics is frequently defined as the science of the allocation of scarce resources among alternative desirable ends. The first question this implies—What are the desired ends?—is ultimately a question of values and ethics. Most economists would agree that while the ultimate desired end is too difficult to define, increasing social welfare serves as a reasonable placeholder. Seeking to establish itself as an objective, value-free science, mainstream (neoclassical) economics strives to maximize welfare as measured by the dollar value of market goods plus the imputed dollar value of nonmarket goods and services produced. Therefore neoclassical economists, including natural resource and environmental economists, devote most of their attention to markets, which under certain strict conditions efficiently allocate resources toward uses that maximize dollar values. Taking an explicitly ethical position, ecological economics asserts that ecological sustainability and just distribution take priority over efficient allocation as prerequisites to...