Biophysical-Based Paradigm in Economics

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* Article: THE NEED FOR A NEW, BIOPHYSICAL-BASED PARADIGM IN ECONOMICS FOR THE SECOND HALF OF THE AGE OF OIL. By Charles Hall and Kent Klitgaard. International Journal of Transdisciplinary Research Vol. 1, No. 1, 2006, Pages 4-22



"Economies exist independently of how we perceive or choose to study them. For more or less accidental reasons we have chosen over the past 100 years the social sciences and an inappropriate and overly-simplified analytical model borrowed from physics as the essential conceptual base for undertaking our definitions and analyses of economies and economic systems, even though actual economies are as much about biophysical as social activities. Real economies must be based on many things, including the physical materials and energy required to provide goods and services" (