Why We Need Bio-Physical Economics
* Article: The Need for, and the Growing Importance of, BioPhysical Economics. By Charles Hall and Kent Klitgaard. April 2019
Abstract
"For the past 150 years, economics has been treated primarily as a social science. The conceptual model upon which mainstream (neoclassical) economics bases its analyses consist of a circular flow of income between producers and consumers, mediated by means of markets. In this “perpetual motion” of interactions between firms that produce and households that consume, little or no accounting is given to the flow of energy and materials from the environment and back again, and little account given to human interactions that take place outside of market processes. Analyses by natural scientists (and others) find that the conventional model is simply not credible. " (https://mesford.ca/journals/caef/articles/the-need-for-and-the-growing-importance-of-biophysical-economics/?)