What Is the Biophysical Economy

Discussion

Rigo E. Melgar-Melgar and Charles A.S. Hall:

"From a biophysical perspective, the history of human civilization has been marked by the pursuit of energy, energy exploiting technologies, and the economic surpluses that they allow accompanied by the energy transformations that have enabled the development of our complex socio-economic systems. Earlier economic theories, before the “marginal revolution” of the 1880s, often had a biophysical basis, as do a growing number of more modern theories. The latter have argued that conventional

Real economies must be studied as both biophysical and social entities. Biophysical principles that take into consideration complexity and apply a systems thinking approach are necessary for future researchers in ecological economics and other allied fields to understand why and how we can bring our socio-economic system in line with the many constraints of the biophysical world. Odum (1971) stated that “when systems are considered in energy terms, some of the bewildering complexity of our

In the XXI century, the analysis and understanding of the role of energy and material inputs and outputs in our socio-economic systems will be essential to address the climate and ecological crises that threaten the future of life on planet Earth. Therefore, the research agenda of EE must build on solid biophysical foundations to provide a meaningful alternative to help transform our socio-economic systems towards biophysical sustainability. For example, new policies emerging from the Green New

Ecological economics should not be restricted and cannot be reduced to biophysical analysis, but its theories and methods must be consistent with biophysical principles."

(https://www.sciencedirect.com/science/article/abs/pii/S0921800919310304)