A dimensionally consistent aggregation framework for biophysical metrics

Deepak Malghan

Ecological Economics, 2011, vol. 70, issue 5, 900-909

Abstract: We develop a formal representation of the economy-ecosystem interaction problem by distinguishing between stock-flow, and fund-flux spaces (Georgescu-Roegen, 1971). We then define dimensionless quantities in both the cardinal stock-flow space and the ordinal fund-flux space. This leads to analytic definitions of natural capital and natural income in the fund-flux space. We show that a stock-fund representation of the economy-ecosystem interaction problem helps investigate aggregation properties of biophysical metrics. In particular, we show how a metric that is dimensionally consistent in the stock-flow space can have dimensional problems in the fund-flux space. Ecological footprint is used as an illustrative example. Finally, we argue that dimensionally consistent metrics are keys to further the development of biophysical assessments as a tool for practical environmental policy.

Keywords: Stocks; and; funds; Nicholas; Georgescu-Roegen; Biophysical; assessment; Dimensional; consistency; Natural; capital; and; natural; income; Ecological; footprint (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (3)

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