Integrating Economics, Ecology and Thermodynamics

By: Matthias Ruth

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Hardcover | 31 July 1993

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268 Pages

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Economies are open systems embedded in an ecosystem with which they exchange matter and energy. Interactions among these systems are vital for each system's performance and are constrained by the laws of physics. This volume pays tribute to economy--environment interactions simultaneously from an economic, ecological and physical perspective.
Integrating Economics, Ecology and Thermodynamics provides a first step in identifying and combining the principles of economics, ecology and thermodynamics on a fundamental level. Part I lays out the general context for the approach chosen. Part II familiarizes readers with core concepts of, and methods used in, the three disciplines of economics, ecology and thermodynamics. Part III assesses ways in which these disciplines can be integrated to provide an improved understanding of economy--environment interactions. Part IV illustrates the integration of the three disciplines with a dynamic model of a human community interacting with its environment. In Part V the volume closes with a brief summary and a set of conclusions on the relevance of integrated, interdisciplinary approaches to economy--environment interactions.

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Foreword
Acknowledgment
Introduction	p. 1
Economics, Ecology and Thermodynamics	p. 3
The Relevance of Economy-Environment Interactions for Economic Systems	p. 3
Towards a Consistent Representation of Economy-Environment Interactions	p. 5
Economic System, Ecosystem, and Thermodynamics	p. 9
Organization of the Study	p. 11
Core Concepts in Economics, Ecology and Thermodynamics	p. 15
Core Concepts in Neoclassical Economics	p. 17
A Delineation of Economic Activities	p. 17
Opportunity Costs, Substitution, and Time Preference	p. 19
Economic Decisions and Time	p. 20
Discount Rate and Resource Use	p. 24
Dynamic Economic Models of Nonrenewable Resource Use	p. 27
Dynamic Economic Models of Renewable Resource Use	p. 31
Core Concepts in Ecology	p. 35
Basic Characteristics of Ecosystems	p. 35
Changing Components of Ecosystems	p. 38
Evolutionary Processes	p. 43
Core Concepts in Thermodynamics	p. 48
Thermodynamic Systems Analysis	p. 48
First Law Analysis	p. 51
Second Law Analysis	p. 53
Entropy and Information	p. 56
Integrating the Core Concepts of Economics, Ecology and Thermodynamics	p. 61
Integrating Core Concepts of Thermodynamics into Economics	p. 63
From Analogies to the Physical Functioning of Economic Processes	p. 63
The Laws of Thermodynamics in Economic Models	p. 65
Thermodynamics, Resource Use, and Technical Change	p. 70
Ecology and Thermodynamics	p. 76
Ecosystems and Ecosystem Components as Thermodynamic Systems	p. 76
Entropy, Evolution, and Growth	p. 79
Implications of the Ecology-Thermodynamics Interface for the Economy as an Ecosystem Component	p. 82
Economics and Ecology	p. 92
The Economics-Ecology Interface	p. 92
Economic Principles in Ecology	p. 93
Economy-Environment Interactions and Evolutionary Theories of Economic Change	p. 97
Economics, Ecology and Thermodynamics	p. 111
Treating Economy-Environment Interactions in Accordance with the Core Concepts of Economics, Ecology and Thermodynamics	p. 111
Information, Knowledge and Technology	p. 114
System Boundaries and Reference Environment	p. 120
An Anthropocentric Approach to Economy-Environment Interactions	p. 123
Nonlinear Dynamic Simulation of Natural Resource Use: Thermodynamic Limits and Endogenous Technical Change	p. 127
Thermodynamic Implications for Nonrenewable Resource Extraction with Endogenous Technical Change	p. 129
A Production Function for Nonrenewable Resource Extraction with Thermodynamic Limits	p. 130
Endogenous Technical Change in the Mining Sector	p. 137
Optimal Resource Extraction with Endogenous Technical Change	p. 142
Simulation of Optimal Time Paths	p. 150
Sensitivity Analysis	p. 155
A Comprehensive Model of Economy-Environment Interactions	p. 164
System Components of the Model of Economy-Environment Interactions	p. 168
Nonlinear Dynamic Optimization for a Multi-Sector Economy with Endogenous Technical Change and Thermodynamic Constraints	p. 177
Nonlinear Dynamic Simulation	p. 186
Summary and Conclusions	p. 199
Methodology and Findings	p. 201
The Methodological Background of the Study	p. 201
The Models of Optimal Natural Resource Use	p. 206
Appendix A: Glossary	p. 211
Appendix B: Nonlinear Dynamic Simulation Program for the Nonrenewable Resource Model	p. 214
Appendix C: Initial Conditions and Parameter Values for the Simulation of the comprehensive Model of Chapter 10	p. 219
References	p. 221
Index	p. 248
Table of Contents provided by Blackwell. All Rights Reserved.

Integrating Economics, Ecology and Thermodynamics

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