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A dimensionally consistent aggregation framework for biophysical metrics

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  • Malghan, Deepak

Abstract

We develop a formal representation of the economy-ecosystem interaction problem by distinguishing between stock-flow, and fund-flux spaces (Georgescu-Roegen, 1971). We then define dimensionless quantities in both the cardinal stock-flow space and the ordinal fund-flux space. This leads to analytic definitions of natural capital and natural income in the fund-flux space. We show that a stock-fund representation of the economy-ecosystem interaction problem helps investigate aggregation properties of biophysical metrics. In particular, we show how a metric that is dimensionally consistent in the stock-flow space can have dimensional problems in the fund-flux space. Ecological footprint is used as an illustrative example. Finally, we argue that dimensionally consistent metrics are keys to further the development of biophysical assessments as a tool for practical environmental policy.

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  • Malghan, Deepak, 2011. "A dimensionally consistent aggregation framework for biophysical metrics," Ecological Economics, Elsevier, vol. 70(5), pages 900-909, March.
    • Handle: RePEc:eee:ecolec:v:70:y:2011:i:5:p:900-909
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    Cited by:

    1. Joshua Farley & Matthew Burke & Gary Flomenhoft & Brian Kelly & D. Forrest Murray & Stephen Posner & Matthew Putnam & Adam Scanlan & Aaron Witham, 2013. "Monetary and Fiscal Policies for a Finite Planet," Sustainability, MDPI, vol. 5(6), pages 1-25, June.
    2. Joshua Farley, 2016. "The foundations for an ecological economy: an overview," Chapters, in: Joshua Farley & Deepak Malghan (ed.), Beyond Uneconomic Growth, chapter 1, pages 3-21, Edward Elgar Publishing.
    3. repec:lib:000cis:v:2:y:2014:i:1:p:1-17 is not listed on IDEAS
    4. Farley, Joshua, 2012. "Ecosystem services: The economics debate," Ecosystem Services, Elsevier, vol. 1(1), pages 40-49.

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