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What every conservation biologist should know about economic theory
John Gowdy1, Charles Hall, Kent Klitgaard
1Department of Economics, Rensselaer Polytechnic Institute, 110 8th Street, Troy, NY 12180-3590, USA. johngowdy@earthlink.net
Conservation Biology : the Journal of the Society for Conservation Biology
|September 10, 2010
Summary
Walrasian economics, based on flawed assumptions about human behavior and physics, is inadequate for conservation biology. A new economic framework is needed, integrating human behavior and biophysical realities for ecological sustainability.
Area of Science:
- Economics
- Conservation Biology
- Behavioral Science
- Neuroscience
- Ecological Economics
- Biophysical Economics
Background:
- The dominant Walrasian economic model assumes narrow self-interest and ignores physical laws.
- This model's assumptions conflict with empirical evidence on human behavior and ecological realities.
- Current economic practices have significant negative impacts on Earth's life support systems.
Purpose of the Study:
- Critique the limitations of the Walrasian economic model.
- Advocate for an economic framework aligned with human behavior and biophysical laws.
- Promote new economic theories for understanding human-environment interactions.
Main Methods:
- Review of behavioral science and neuroscience research on human decision-making.
- Analysis of physical laws (thermodynamics, mass balance) relevant to economic production.
- Examination of contemporary economic theories incorporating behavioral and biophysical contexts.
Main Results:
- Walrasian economics is inconsistent with observed human social behavior.
- Economic production is constrained by fundamental physical laws.
- Emerging fields like biophysical and ecological economics offer more realistic frameworks.
Conclusions:
- Abandoning the Walrasian model is crucial for advancing economic understanding of human-natural systems.
- A new economic framework must integrate observed human behavior and biophysical constraints.
- This new framework is essential for addressing the cumulative negative impacts of the human economy on the planet.
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