Lessons from science: Need for a rethink of concepts in economics

Dodo J. Thampapillai*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)

Abstract

The recognition of two important concepts in science, namely, the assimilative capacity of nature (resilience) and the entropy law of thermodynamics enables the formulation of an alternative framework for factor utilisation in economics. This framework, which explicitly includes environmental capital as a factor, enables the illustration of the entropy law being the driver of diminishing marginal returns and the limited ranges of substitutability between factors. Such revisions have profound implications for policy formulation. Stabilising environmental capital becomes an important instrument of policy at all levels.

Original languageEnglish
Pages (from-to)79-83
Number of pages5
JournalEconomic and Political Weekly
Volume49
Issue number37
Publication statusPublished - 13 Sep 2014
Externally publishedYes

Fingerprint

Dive into the research topics of 'Lessons from science: Need for a rethink of concepts in economics'. Together they form a unique fingerprint.

Cite this