An Analysis of the Roots of the Inability of Conventional Environmental Economics Theories in Explaining and Solving Environmental Crises and Its Implications for the Economics of the Islamic Environment

Environmental economics studies have found a special status in current economic literature. In this paper, we analyze the capacities of conventional environmental economics in resolving environmental crises. Using an analytical approach, and considering the philosophical foundations of conventional environmental economics, this paper has conducted. The findings show that the theories of neoclassical environmental economics are based on three fundamental principles of materialistic quantity-oriented ontology, reductionist methodology, and utility-oriented axiology. Because of these three disputable foundations, these theories have often remained at the level of technical and engineering approaches, and as a result they cannot fully explain the environmental crises. Environmental policies based on these theories cannot resolve their roots fundamentally, due to the negligence towards the philosophical and moral roots of these crises. These findings may convey this message for studies in Islamic economics that, to solve environmental crises one must consider beyond materialistic, reductionist, and utility-oriented analyzes. Such an approach can restore the true dignity of nature and pave the way for a fundamental solution to environmental crises.