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The Need for a New, Biophysical-Based Paradigm in Economics for the Second Half of the Age of Oil

International Journal of Transdisciplinary Research, vol.1 no.1 pp.4-22, 2006


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Resource information:
Resource IDhallklitgaard2006
Resource titleThe Need for a New, Biophysical-Based Paradigm in Economics for the Second Half of the Age of Oil
Author(s)Charles A.S. Hall, Kent A. Klitgaard
Publication/ sourceInternational Journal of Transdisciplinary Research, vol.1 no.1 pp.4-22
Date published 2006
Summary text/ abstractThe realization that the conceptual base for much of conventional economics is quite flimsy is no longer news to either those who follow events within the field or to many interested outsiders in the natural sciences. For an easy example, since 1998 a surprisingly large number of Nobel Laureates in economics (Joseph Stiglitz, George Akerlof, Daniel Kahneman, Robert Aumann, Thomas Schelling, and Amartya Sen) were people whose worked challenged, in various very fundamental ways, the basic existing paradigm of conventional neoclassical economics. (Neoclassical economics, which we abbreviate here as NCE, is sometimes called neoliberal, or welfare or "Washington Consensus" economics). More fundamentally, some twenty years ago in the journal Science, Nobel prize winner in economics Wassily Leontief found the basic models of economics "unable to advance in any perceptible way a systematic understanding of the operation of a real economic system." Instead they were based on "sets of more or less plausible but entirely arbitrary assumptions" leading to "precisely stated but irrelevant theoretical conclusions".
Library categoriesEconomics, 'Limits to Growth', Peak Oil
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file iconThe Need for a New, Biophysical-Based Paradigm in Economics for the Second Half of the Age of Oil [536.3 kilobytes]


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