DEST 405 Lecture Notes - Lecture 4: Malthusian Trap, Natural Capital, Environmental Economics
Document Summary
Technology can lead to manufacturing capital which will substitute for natural capital i. e. ; replace normal seeds with gm seeds. Ecological economists; strong sustainability, physical capital cannot substitute for natural capital, treat natural capital with respect, economy subsystem for biosphere fair and just distribution of resources, social justice. Policies that assure throughputs of economy stay within limits. Underlying ontology of how we need to live with nature. Energy not created/destroyed just transformed, system we live in is closed. E(cid:374)trop(cid:455) la(cid:449); (cid:449)he(cid:374) (cid:449)e use e(cid:374)erg(cid:455) there is al(cid:449)a(cid:455)s (cid:862)(cid:449)aste(cid:863) like heat. Energy systems tend to increase entropy (degree of disorder) not decrease. Taking laws of thermodynamics inherently leads us to see we do not have infinite resources, resources/energy cannot be created once we use them up. Economy open sub-system of materially closed, non-growing and finite ecosystem with limited throughput of solar energy. For re(cid:374)e(cid:449)a(cid:271)le resour(cid:272)es rate of har(cid:448)est should(cid:374)"t e(cid:454)(cid:272)eed rege(cid:374)eratio(cid:374) (sustai(cid:374)a(cid:271)le yield)
