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Economic Profitability vs. Ecological Entropy

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  • Martin L. Weitzman

Abstract

Privately, the most profitable human use of biomass is widespread monoculture, which creates large target hosts that invite potentially lethal pathogens. In analyzing the tradeoffs, I explain how the famous formula for ecological entropy, H'= -E qj log qj, can be given a mathematically rigorous interpretation as measuring the "generalized resistance" of an ecosystem to extinction failure. Using this measure, a relationship is derived between standard economic welfare produced by a specialized biomass regime and the social-texternality risk of its ecosystem failing. The paper shows that efficient combinations may be conceptualized as if there is some overall balance between economic profitability and ecological entropy.

Suggested Citation

  • Martin L. Weitzman, 1999. "Economic Profitability vs. Ecological Entropy," Harvard Institute of Economic Research Working Papers 1860, Harvard - Institute of Economic Research.
    • Handle: RePEc:fth:harver:1860
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