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It covers all primary production and economic and industrial sectors that base on use, production or processing biological resources from agriculture, forestry, fisheries and aquaculture. The product of bioeconomy are typically food, feed and other biobased products, bioenergy and services based on biological resources.
[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]
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.
Mainstream economics has attempted to become a value-free 'hard science', but ecological economists argue that value-free economics is generally not realistic. Ecological economics is more willing to entertain alternative conceptions of utility , efficiency , and cost-benefits such as positional analysis or multi-criteria analysis.
The basic conceptualization of nature from the perspective of environmental economics is that manufactured capital can be used as a substitute for natural capital. [13] The definition of PES provided by environmental economics is the most popular: a voluntary transaction between a service buyer and service seller that takes place on the condition that either a specific ecosystem service is ...
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
Environmental economics is related to ecological economics but there are differences. Most environmental economists have been trained as economists. They apply the tools of economics to address environmental problems, many of which are related to so-called market failures—circumstances wherein the "invisible hand" of economics is unreliable ...
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 ...