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The Pathway for Biophysical Economics

Updated: Oct 24, 2018

Feng Lianyong

Professor

China University of Petroleum, Beijing

China



Abstract

The discussion on the limitations of the mainstream economic theory has lasted for so long. Especially after finical crisis in 2008, more and more people began to criticize traditional economics and tried to establish some new theories. Biophysical economics is one of the most possible theories to replace the traditional economics. It should be admitted that the biophysical economics has achieved great development in the past decade with the contribution of prof. Charles Hall. However, the development of the biophysical economics is still slower than people's expectations or does not meet people's expectations. Therefore, we must work together and focus several important aspects to make a few significant breakthroughs: 1) the scope of the energy, should the information be seen as one type of energy? 2) should intellectual capital be included in EROI calculation? 3) what's final objection of biophysical economics? 4) How to consider the fairness and justice? 5) what's the position of Agent-based entropy in biophysical economics? In a word, to make more and more people understand the biophysical economics and to expand our new theory, biophysical economics should enter the public arena, and we should think the pathway for this entering.


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