Why does Biophysical Economics matter to the policy conversation?
Almost a decade after the onset of the financial and economic crisis, the global economy remains weak and the hoped-for ‘recovery’ elusive. The economic policies conducted in the last few years have largely failed to re-start the growth engine, and no return to pre-crisis growth rates is in sight; on the contrary, lower growth seems to have become the world’s new reality. This global dearth of economic growth is causing significant disruption and generating major challenges in a world that had previously become accustomed to rapid expansion. In particular, it is feeding a seemingly unstoppable rise of economic and political instability in developed as well as emerging economies. For policy makers and for civil society, there is therefore no more important and pressing need than to understand the causes and consequences of this ‘great deceleration’, as well as the policy options that may – or may not – be available to address them. Biophysical economics provides the theoretical and practical basis to meet this need.
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