As the world enters the "second half of the age of oil, characterized by declining energy quality and quantity and rising prices, a new economics is needed to explain this unprecedented phenomena. Biophysical economics is the beginning of just such a theory. This essay delineates a set of theoretical principles, compares and contrasts biophysical economics with both mainstream and ecological economics, and grounds the theory in both energy studies and the insights of heterodox political economy.
Kent A. Klitgaard. "The Essence of Biophysical Economics." Proceedings of the New York State Economics Association. vol. 5, October 2012, p. 100-109
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