The bio-physical foundation of the economy

Arild Vatn

Chapter 4 in Rethinking Ecological Economics, 2026, pp 64-82 from Edward Elgar Publishing

Abstract: After having defined the philosophical basis for ecological economics, the next step is to clarify what it means that the economy is embedded in the bio-physical. The focus is on the limitations as well as the opportunities therein. The implications of the laws of thermodynamics are explained. The meaning of emergent properties is clarified and illustrated by characterizing the distinctiveness of the physical, chemical, biological and ecological strata. The concepts of resilience and tipping points are explained. The interdependencies between the processes at these levels are explained by reference to the concepts of bio-geochemical cycles and the Earth system. The economic process is in this chapter explained as a metabolic system integrated into the bio-geochemical cycles. The implications of economic expansions on the Earth system – the transgression of planetary boundaries – are documented.

Keywords: Thermodynamics; Emergent properties; World as stratified; Resilience and tipping points; Earth system; Economy as metabolic (search for similar items in EconPapers)
Date: 2026
ISBN: 9781803921839
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