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The significance of Odum's approach was given greater support during the 1970s, amid times of oil crisis, where, as Gilliland (1978, pp. 100) observed, there was an emerging need for a new method of analysing the importance and value of energy resources to economic and environmental production.
[4] [5] Despite these benefits, economic activities often result in harm to biodiversity, such as through deforestation. [1] The majority of species have yet to be evaluated for their current or future economic importance. [6] Raw materials, pharmaceuticals and drug production all directly and indirectly depend upon biodiversity. [6]
In microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. [1]
The mainstream view is that market economies are generally believed to be closer to efficient than other known alternatives [4] and that government involvement is necessary at the macroeconomic level (via fiscal policy and monetary policy) to counteract the economic cycle – following Keynesian economics.
Ecological efficiency is a combination of several related efficiencies that describe resource utilization and the extent to which resources are converted into biomass. [1] ...
Figure 3: Production-possibilities frontier for an economy with two products illustrating Pareto efficiency Figure 4: Frontier points that violate allocative efficiency. Production-Possibility Frontier delineates the maximum amount/quantities of outputs (goods/services) an economy can achieve, given fixed resources (factors of production) and ...
Some key concepts of what is now ecological economics are evident in the writings of Kenneth Boulding and E. F. Schumacher, whose book Small Is Beautiful – A Study of Economics as if People Mattered (1973) was published just a few years before the first edition of Herman Daly's comprehensive and persuasive Steady-State Economics (1977).
Species effect and diversity in an ecosystem can be analyzed through their performance and efficiency. [21] In addition, secondary production in streams can be influenced heavily by detritus that falls into the streams; production of benthic fauna biomass and abundance decreased an additional 47–50% during a study of litter removal and exclusion.