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Measuring the Bioeconomy: Economics and Policies

Author

Listed:
  • Justus Wesseler

    (Agricultural Economics and Rural Policy Group, Social Science Department, Wageningen University, 6706KN Wageningen, The Netherlands)

  • Joachim von Braun

    (Center for Development Research, University of Bonn, 53113 Bonn, Germany)

Abstract

The emerging concept of bioeconomy offers several opportunities to address societal challenges. The bioeconomy is mainly driven by advances in microbiology, which can be applied to various processes that use biological resources by shifting consumer preferences and by yielding new insights into resource constraints related to such issues as climate and land. Although expectations are high, less is known about the economic importance of the bioeconomy. This article reviews the methodological challenges of measuring the bioeconomy, the approaches used, and the outcomes reported. The results show that measuring the bioeconomy is still in its infancy and faces a number of methodological challenges. Bioeconomy cuts across sectors and therefore cannot be treated as a traditional sector in economics. Economics must catch up with bioeconomy realities. For a comprehensive economic assessment, information about bioeconomy resources, compounds, and product flows is required. We outline innovations in data storage and analytical methods that would realize bioeconomy opportunities and help guide policy.

Suggested Citation

  • Justus Wesseler & Joachim von Braun, 2017. "Measuring the Bioeconomy: Economics and Policies," Annual Review of Resource Economics, Annual Reviews, vol. 9(1), pages 275-298, October.
    • Handle: RePEc:anr:reseco:v:9:y:2017:p:275-298
    DOI: 10.1146/annurev-resource-100516-053701
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    More about this item

    Keywords

    bioeconomy; real option; sustainability; technical change; technology policy; value added;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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