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Bioeconomy has large variety of definitions. The bioeconomy comprises those parts of the economy that use renewable biological resources from land and sea – such as crops, forests, fish, animals and micro-organisms – to produce food, health, materials, products, textiles and energy.
Bioeconomics (fisheries), the study of the dynamics of living resources using economic models; Bioeconomics (biophysical), the study of economic systems applying the laws of thermodynamics; Biological economics, the study of the relationship between human biology and economics; Bioeconomics, the social theory of Nicholas Georgescu-Roegen
For example, biodiversity is a source of food, medication, and materials used in industry. Recreation and tourism are also examples of human economic activities that rely on these benefits. In 2018, the WWF Living Planet Report argues that the whole global economy of US$125 trillion ultimately relies on nature. [3]
Various competing schools of thought exist in the field. Some are close to resource and environmental economics while others are far more heterodox in outlook. An example of the latter is the European Society for Ecological Economics. An example of the former is the Swedish Beijer International Institute of Ecological Economics.
Biological economics is an interdisciplinary field in which the interaction of human biology and economics is studied. The journal Economics and Human Biology covers the field and has an impact factor of 2.722.
Ecosystem valuation is an economic process which assigns a value (either monetary, biophysical, or other) to an ecosystem and/or its ecosystem services.By quantifying, for example, the human welfare benefits of a forest to reduce flooding and erosion while sequestering carbon, providing habitat for endangered species, and absorbing harmful chemicals, such monetization ideally provides a tool ...
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
Ha-Joon Chang has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of the area of inquiry or object of inquiry rather than the methodology. In the biology department, it is not said that all biology should be studied with DNA analysis.