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Reconciling resource economics and ecological economics: the economics of sustainability and resilience

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  • Beard, Rodney

Abstract

Cross disciplinary dialogue between economics and ecology has within economics centered on the two subdisciplines of bioeconomics and ecological economics. This division in economics re ects the division in ecology between population and sys- tems ecologists. Recent developments in ecology are aimed at a more integrated approach to ecologic al research. One example of such an approach is that of models based on thermodynamic reaction networks. By applying the \Law of Mass Action" to biochemical descriptions of ecological networks, it is possible to reformulate eco- logical systems models as population dynamic models, which can then be embedded within a bioeconomic model framework. Analysis of bioeconomic models far from thermodynamic equilibrium is then possible from within either a steady-state or ergodic framework. The Glansdorff-Prigogine or other related stability criteria from non-equilibrium thermodynamics may then be applied to the study of bioeconomic systems.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11443.

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Date of creation: 1995
Date of revision: 06 Nov 2008
Handle: RePEc:pra:mprapa:11443

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Keywords: Ecological economics; bioeconomic modelling; resource economics;

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  1. Norgaard, Richard B., 1989. "The case for methodological pluralism," Ecological Economics, Elsevier, vol. 1(1), pages 37-57, February.
  2. Common, Mick & Perrings, Charles, 1992. "Towards an ecological economics of sustainability," Ecological Economics, Elsevier, vol. 6(1), pages 7-34, July.
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