THE NEED FOR A NEW, BIOPHYSICAL-BASED PARADIGM IN ECONOMICS FOR THE SECOND HALF OF THE AGE OF OIL

Abstract

The 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).

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