Sunday Reading on Biophysical Economics
Interesting article in the New York Times a few days ago on advocates of factoring energy more rationally into economics.
A small but growing group of academics believe the latter is true, and they are out to prove it. These thinkers say that the neoclassical mantra of constant economic growth is ignoring the world’s diminishing supply of energy at humanity’s peril, failing to take account of the principle of net energy return on investment. They hope that a set of theories they call “biophysical economics” will improve upon neoclassical theory, or even replace it altogether.
It’ll be interesting to see what new(ish) ideas move to the forefront as people look for new paradigms to deal with 21st century problems.