Traditional neoclassical economics was developed in an era when all knowledge systems essentially ignored ecological concerns. In conventional economics, value – which is created by generating profit and accumulating capital for owners and investors – is systematically extracted from the systems in which economic systems are embedded: the social and the ecological systems.
Profit and capital – they’re not the basis of neoclassical economics. Adding value is, sure. Profit being that portion of it that flows to capital owners. But every economic system is concerned with adding value because that’s the subject under discussion. How do we add value?