Consilience

8/10/2019 Consilience

http://slidepdf.com/reader/full/consilience 1/17

Challenges in Sustainability | 2014 | Volume 2 | Issue 1 | Pages 1‒17DOI: 10.1224!"is2014.02010001

#esea$"h %$ti"le

Seeking Consilience for Sustainability Science: PhysicalSciences, Life Sciences, and the New Economics

&oshua 'a$ley

De(a$tment o) Community De*elo(ment an+ %((lie+ ,"onomi"s- ni*e$sity o) Ve$mont- 20/ o$$ill all-

u$lington- V3 0/40/- S% ,5ail: 6)a$ley.u*mgmail."om 3el.: 81 902/29 'a;: 81 902/142<

Submitte+: 2 &anua$y 201< | In $e*ise+ )o$m: 10 %($il 2014 | %""e(te+: 11 %($il 2014 |

Publishe+: / ay 2014

Abstract: 3he human system- +$i*en la$gely by e"onomi" +e"isions- has ($o)oun+ly a))e"te+

(laneta$y e"osystems as =ell as the ene$gy su((lies an+ natu$al $esou$"es essential to

e"onomi" ($o+u"tion. 3he "hallenge o) sustainability is to un+e$stan+ an+ manage the "om(le;

inte$a"tions bet=een human systems an+ the $est o) natu$e. 3his "on"e(tual a$ti"le ma>es the

"ase that meeting this "hallenge $e?ui$es "onsilien"e bet=een the natu$al s"ien"es- so"ial

s"ien"es an+ humanities- =hi"h is to say that thei$ basi" assum(tions must be mutually

$ein)o$"ing an+ "onsistent. 3his a$ti"le $e*ie=s the e;tent to =hi"h e"onomi"s is (u$suing

"onsilien"e =ith the s"ien"es o) human beha*io$- (hysi"s an+ e"ology- an+ the im(a"t )ull"onsilien"e =oul+ ha*e on the )iel+. 3he s"ien"e o) human beha*io$ =oul+ )o$"e e"onomists to

$e+e)ine =hat is +esi$able- =hile (hysi"s an+ e"ology $e+e)ine =hat is (ossible. 3he "hallenges

(ose+ by e"ologi"al +eg$a+ation "an be mo+ele+ as ($isone$@s +ilemmas- best sol*e+ th$ough

"oo(e$ation- not "om(etition. 'o$tunately- s"ien"e $e*eals that humans may be among the most

"oo(e$ati*e o) all s(e"ies. Ahile mu"h o) the mainst$eam e"onomi" theo$y that still +ominates

a"a+emi" an+ the (oli"y +is"ou$se "ontinues to igno$e im(o$tant )in+ings )$om othe$ s"ien"es-

se*e$al sub5)iel+s o) e"onomi"s ha*e ma+e im($essi*e st$i+es to=a$+s "onsilien"e in $e"ent

+e"a+esan+ these a$e li>ely to "hange mainst$eam theo$y e*entually. 3he ?uestion is =hethe$

these "hanges "an ($o"ee+ $a(i+ly enough to sol*e the most se$ious ($oblems =e "u$$ently

)a"e.

Keywords: anth$o(o"ene "oo(e$ation human beha*io$ inte$+is"i(lina$ity

! "ntroduction

uman im(a"ts on the (lanet a$e no= on the s"ale o) geologi"al )o$"es- to the e;tent that the "u$$ent e$a is

in"$easingly $e)e$$e+ to as the anth$o(o"ene B1.3hese im(a"ts th$eaten to e;"ee+ (laneta$y boun+5a$ies- $is>ing "atast$o(hi" im(a"ts on humans an+ the$est o) natu$e B2. I) =e ho(e to meet )un+amental

2014 by the autho$s li"ensee Eib$ello- S=itFe$lan+. 3his o(en a""ess a$ti"le =as (ublishe+un+e$ a C$eati*e Commons %tt$ibution Ei"ense Ghtt(:!!"$eati*e"ommons.o$g!li"enses!by!<.0!H.



human nee+s in the nea$ te$m =ithout +est$oying(laneta$y li)e su((o$t )un"tions $e?ui$e+ by all s(e"ies-=e "an no longe$ se(a$ate the stu+y o) human systemsan+ natu$al systems- but must instea+ a+o(t at$ans+isi(lina$y- holisti" a(($oa"h to s"ien"e that see>sto un+e$stan+ the )un+amental "ha$a"te$ o) inte$5a"tions bet=een natu$e an+ so"iety. Su"h an un+e$5stan+ing must en"om(ass the inte$a"tion o) global

($o"esses =ith the e"ologi"al an+ so"ial "ha$a"te$isti"so) (a$ti"ula$ (la"es an+ se"to$s. GB< (. 41H ,a$thSystems S"ien"e B4 an+ Sustainability S"ien"e B<e;em(li)y this a(($oa"h.

3he stea+y a""umulation o) human >no=le+ge hasma+e it im(ossible )o$ any in+i*i+ual to be an e;(e$t inall a$eas o) stu+y. S"ienti)i" ($og$ess the$e)o$e has$elie+ on in"$easing s(e"ialiFation in na$$o= a$eas- ase;em(li)ie+ by the stu+y o) in+i*i+ual +is"i(lines =ithinthe uni*e$sities. 3his s(e"ialiFation has $esulte+ inim($essi*e a+*an"es- but it has also "$eate+ ba$$ie$sbet=een )iel+s o) >no=le+ge. 3hese ba$$ie$s a$e not

only se$ious obsta"les to the a+*an"e o) sustainabilitys"ien"e- but also "an lea+ in+i*i+ual +is"i(lines to buil+on belie)s o$ assum(tions that "ont$a+i"t those o) othe$+is"i(lines. ,*en i) s(e"ialiFation is ne"essa$y- it is es5sential that )a"ts an+ theo$ies =ithin a +is"i(line a$einte$nally "onsistent- an+ the )a"ts- theo$ies an+in+u"tions )$om one +is"i(line +o not )un+amentally"ont$a+i"t those )$om anothe$. In (a$ti"ula$- =hen+i))e$ent +is"i(lines )o"us on the same ob6e"t o) >no=5le+ge- thei$ mo+els must be mutually $ein)o$"ing an+"onsistent =he$e they o*e$la( GB/ (. 4H. Ahen the$eis +isag$eement- it shoul+ be settle+ =ith em(i$i"altests- e;(e$iments an+ obse$*ations to len+ su((o$t toone hy(othesis o*e$ anothe$- an+ not sim(ly igno$e+.3his is *e$y mu"h the "ase in the natu$al s"ien"es.3heo$ies in "ell biology +o not "ont$a+i"t theo$ies ine*olutiona$y biology- an+ both a$e "onsistent =ith thetheo$ies o) "hemist$y an+ (hysi"s. ,*en =hen )a"ts an+theo$ies may seem to "ont$a+i"t ea"h othe$- as in the"ase o) ?uantum theo$y an+ the theo$y o) $elati*ity-(hysi"ists (ay "lose attention to the "ont$a+i"tions- an+assume that they =ill e*entually +is"o*e$ basi" (hysi"alla=s that $esol*e them. 3his ty(e o) ag$eement a"$oss)iel+s an+ +is"i(lines is >no=n as "onsilien"e B.Sustainability s"ien"e +eman+s "onsilien"e as an

e;(li"it ob6e"ti*e.Consilien"e is )a$ less a+*an"e+ in the so"ial s"ien"es

than the natu$al s"ien"es B7. 'a"ts- theo$ies an+in+u"tions )$om one so"ial s"ien"e not only )$e?uently"ont$a+i"t those )$om anothe$- but also )$e?uently"ont$a+i"t the natu$al s"ien"es. 3he most im(o$tante;am(le o) this in the "onte;t o) sustainability s"ien"emay be in the +is"i(line o) e"onomi"s )o$ t=o main$easons. 'i$st- e"onomi" a"ti*ityJ+e)ine+ as thet$ans)o$mation by humans o) $a= mate$ials an+ ene$gyinto goo+s an+ se$*i"es inten+e+ to satis)y human=ants an+ nee+sJis the "ent$al "ause o) the most

se$ious sustainability "hallenges that human so"iety"u$$ently )a"es: global "limate "hange- bio+i*e$sity loss-

lan+ use "hange- o"ean a"i+i)i"ation- oFone +e(letion-=aste emissions in e;"ess o) the (lanet@s abso$(tion"a(a"ity- an+ e;"essi*e +e(en+en"e on $a(i+ly +imin5ishing sto">s o) )ossil )uels. Se"on+- e"onomi"sa$guably has the most in)luen"e o) any so"ial s"ien"eon (oli"y +e"isions. 3his a$ti"le =ill )o"us on "onsilien"ein mainst$eam e"onomi"s- =hi"h has the g$eatestim(a"t on (oli"y +e"isions- an+ hen"e the g$eatest

in)luen"e on sustainability.Consilien"e is not the o""asional in"o$(o$ation o)

theo$ies o$ insights )$om the natu$al s"ien"es into theso"ial s"ien"es- but $athe$ the e;(li"it a">no=l5e+gement that the so"ial s"ien"es must be "onsistent=ith the "ommon un+e$stan+ing o) )un+amental la=sthat the natu$al s"ien"es ha*e built u( o*e$ +e"a+esan+ "entu$ies. 3his +oes not mean ho=e*e$ that theso"ial s"ien"es shoul+ be e;(li"itly mo+ele+ on thenatu$al s"ien"es o$ shoul+ blin+ly a+o(t its metho+s.3he$e a$e ($o)oun+ +i))e$en"es bet=een the t=o)iel+s. 3heo$ies in the so"ial s"ien"es "an a))e"t $eality

=hile theo$ies in the natu$al s"ien"es "annot. 'o$e;am(le- i) (eo(le belie*e the theo$y that ab$u(tlyen+ing ?uantitati*e easing =ill "ause the sto"> ma$>etto "$ash- this "oul+ lea+ to a (ani">e+ sale o) sto">s-t$igge$ing a "$ash. ,minent mathemati"al e"onomistKeo$ges"u5#oegen a$gue+ that the mathemati"almo+els o) neo"lassi"al e"onomi"sJe;(li"itly +$a=n)$om the metho+s o) me"hani"al (hysi"sJa$e ill5suite+ )o$ the mo+eling the ?ualitati*e "hange "ha$a"5te$isti" o) stea+ily e*ol*ing e"onomies B9. 'u$the$5mo$e- though many (hysi"ist belie*e that i) =e >ne=the (osition an+ *elo"ity o) all (a$ti"les in the uni*e$seit =oul+ be (ossible to $et$o+i"t the (ast an+ ($e+i"tthe )utu$e- an+ some biologists belie*e that genes+ete$mine beha*io$- the e"onomy shoul+ not be+es"$ibe+ as a me"hanisti" system +e*oi+ o) (u$(osean+ =ill- =hi"h lea*es no $oom )o$ (oli"y B. 3heso"ial s"ien"es shoul+ be in)o$me+ an+ sha(e+ by- butnot $e+u"e+ to- the natu$al s"ien"es B10.

Consilien"e is also not a one5=ay st$eet: e"onomistsha*e long "alle+ )o$ the natu$al s"ien"es to be"omemo$e "onsilient =ith e"onomi"s- "om(laining about thea$$ogan"e o) some s"ientists in assuming that they a$e"om(etent to "omment on the e"onomi" ($oblems o) the en*i$onment =ithout >no=ing any e"onomi"s B11.

Lume$ous e"onomists ha*e G"o$$e"tlyH (ointe+ out thatlimits5to5g$o=th theo$ists sin"e the time o) althusha*e o)ten )aile+ to a""ount )o$ $ole o) the ($i"eme"hanism an+ human ingenuity in alle*iating $esou$"e"onst$aints Ge.g. B12‒14H.

,"onomi"sJ"on*entionally +e)ine+ as the allo"ationo) s"a$"e $esou$"es among alte$nati*e "om(eting en+s

Jis a b$oa+ )iel+- "ha$a"te$iFe+ by many s"hools o) thought =ith +i))e$ent +eg$ees o) in)luen"e- some o) =hi"h ha*e (ai+ mo$e attention to "onsilien"e thanothe$s. ,"ologi"al an+ bio(hysi"al e"onomi"s )o$ e;5am(le e;(li"itly st$i*e )o$ "onsilien"e =ith the natu$al

an+ so"ial s"ien"es B- 1/‒1- but these t=o )iel+s a$e$a$ely "onsi+e$e+ (a$t o) mainst$eam e"onomi"s. It is in

2



)a"t a bit +i))i"ult to +e)ine mainst$eam e"onomi"s($e"isely. %n ent$y in an on5line en"y"lo(e+ia o) e"onomi"s states that =e a$e all neo"lassi"als no=M=hat is taught to stu+ents- =hat is mainst$eame"onomi"s- is neo"lassi"al e"onomi"s. B20. P$e"isely+e)ining neo"lassi"al e"onomi"s is also +i))i"ult. Someautho$s i+enti)y th$ee "o$e a;ioms: e"onomi" (he5nomena "an only be e;(laine+ as the $esult o)

in+i*i+ual a"tions all human beha*io$ is an e))o$t toma;imiFe the satis)a"tion o) in+i*i+ual ($e)e$en"es an+e?uilib$ium bet=een su((ly an+ +eman+ is the sta$ting(oint )o$ analysis B21- 22. Othe$ "ent$al themes )oun+in most un+e$g$a+uate te;tboo>s in"lu+e the as5sum(tions that humans a$e $ational- sel)5inte$este+ an+insatiable- e*e$ything "an be measu$e+ in moneta$yte$ms GmonismH- an+ ($e)e$en"es a$e e;ogenous)u$the$mo$e- Nnightian un"e$tainty Gimmeasu$able $is>His igno$e+- an+ the +esi$ability o) "ontinuous e"onomi"g$o=th is ta>en )o$ g$ante+ Ge.g. B17- 2<H.

In $e"ent +e"a+es- se$ious theo$eti"al an+ em(i$i"al

"hallenges to the "o$e tenets o) neo"lassi"al e"onomi"sha*e sha>en the )iel+- an+ many e"onomists a$gue thatmainst$eam e"onomi"s is t$ansitioning to=a$+s g$eate$"onsilien"e =ith the natu$al an+ so"ial s"ien"es.Colan+e$ et al. B24 a$gue that at the e+ge o) themainst$eam- lea+ing e"onomists a$e in"o$(o$ating"om(le;ity theo$y- (sy"hology- e"ology an+ institutionsinto thei$ theo$ies. 3hese lea+e$s a$e st$ongly $e5s(e"te+ by thei$ mo$e o$tho+o; "olleagues- $esulting ina "ontinual e*olution o) the mainst$eam. o=e*e$-Colan+e$ et al. also a">no=le+ge that the mainst$eame"onomi"s o) 1/‒<0 yea$s ago Gneo"lassi"al e"onomi"sHis still taught to un+e$g$a+uates. o+gson s(e"ulatesthat institutional an+ e*olutiona$y e"onomi"s maybe"ome the ne= mainst$eam B2<.

3his a$ti"le )o"uses ($ima$ily on the state o) "onsil5ien"e =ithin mainst$eam e"onomi"s- =hile a">no=l5e+ging the )uFFy boun+a$ies o) the )iel+. %t onee;t$eme the a$ti"le =ill a++$ess the mate$ial taught inun+e$g$a+uate te;tboo>sJhe$ea)te$ $e)e$$e+ to aso$tho+o; e"onomi"sJ =hi"h is the only e;(osu$emost (eo(le $e"ei*e to e"onomi"s an+ a$guably themost in)luential on (oli"y +e"isions B17. %s Lobellau$eate an+ lea+ing te;tboo> autho$ Paul Samuelsonstate+ I +on@t "a$e =ho =$ites a nation@s la=sJo$

"$a)ts its a+*an"e+ t$eatiesJi) I "an =$ite its e"o5nomi"s te;tboo>s B2/. %t the othe$ e;t$eme thisa$ti"le =ill a++$ess the e+ge o) e"onomi"s- an+ thene= i+eas that may be )ilte$ing into the mainst$eam.'$om the (e$s(e"ti*e o) sustainability- ho=e*e$- 3hemost im(o$tant a$ea )o$ "onsilien"e is in the a+*i"ee"onomists ($o*i+e to (oli"y ma>e$s.

,"onomi"s is "on*entionally +e)ine+ as the al5lo"ation o) s"a$"e $esou$"es among alte$nati*e"om(eting en+s. '$om this +e)inition- it )ollo=s thatt=o a$eas o) "onsilien"e in e"onomi"s a$e (a$ti"ula$lyim(o$tant. 3he )i$st is the s"ien"e o) human beha*io$

Ge.g. (sy"hology- neu$os"ien"e- e*olutionan+ so onH-=hi"h is $ele*ant to both the en+s that e"onomi"

a"ti*ity shoul+ (u$sue an+ the institutions "om(atible=ith human beha*io$. 3he se"on+ is the natu$als"ien"es- (a$ti"ula$ly (hysi"s an+ e"ology- =hi"h a$emost $ele*ant to un+e$stan+ing the means $e?ui$e+ toa"hie*e those en+s. Ae "an only +e"i+e ho= toallo"ate $esou$"es a)te$ +ete$mining the a(($o($iateen+s an+ human "om(atibility =ith +i))e$entinstitutional a$$angements- an+ the a*ailable means-

in"lu+ing thei$ (hysi"al "ha$a"te$isti"s.3he st$u"tu$e o) the (a(e$ is as )ollo=s. 3he )i$st

se"tion )ollo=ing this int$o+u"tion =ill )o"us on"onsilien"e =ith the s"ien"e o) human beha*io$. Sub5se"tions )o"us on $ationality- sel)5inte$est an+ satia5bility- )ollo=e+ by a +is"ussion o) the e;tent to =hi"h"onsilien"e has o""u$$e+. 3he se"on+ se"tion =ill)o"us on the natu$al s"ien"es- =ith sub5se"tions onthe la=s o) (hysi"s- an+ the la=s o) e"ology- )ollo=e+by a +is"ussion o) "onsilien"e. 3he thi$+ se"tion =ill)o"us on the im(li"ations o) "onsilien"e )o$ theallo"ation ($oblem- =ith subse"tions on the (hysi"al

"ha$a"te$isti"s o) the s"a$"e $esou$"es- the la=s o) e"onomi"s- an+ ho= =e shoul+ allo"ate.

#! $uman %eha&ior, Ends and "nstitutions

o+e$n e"onomi"s a$ose )$om utilita$ian (hiloso(hy-=hi"h *ie=e+ the ma;imiFation o) utilityJthe a"hie*e5ment o) the g$eatest ha((iness )o$ the g$eatestnumbe$Jas a mo$al im(e$ati*e )o$ so"iety an+ the+esi$e+ en+ o) e"onomi" a"ti*ity B2-27. Sin"e (eo(lee;(e$ien"e +iminishing ma$ginal utility- "lassi"al util5ita$ian (hiloso(hy seeme+ to "all )o$ a mo$e e?uitable+ist$ibution o) $esou$"es. any e"onomists a$gue+ho=e*e$ that a ma6o$ "hallenge to ma;imiFing utility=as the +i))i"ulty o$ im(ossibility o) ob6e"ti*ely ?uan5ti)ying utility o$ "om(a$ing utility bet=een in+i*i+uals.On the othe$ han+- i) (eo(le a$e $ational they =ill($e)e$ things that gene$ate mo$e utility to those thatgene$ate less- an+ thei$ =illingness to (ay )o$ +i))e$entgoo+s an+ se$*i"es Gin"lu+ing leisu$e an+ othe$ non5ma$>et a"ti*ities- the "osts o) =hi"h "an be inte$5($ete+ as the in"ome )o$egone by not =o$>ingH =ill$e*eal thei$ ($e)e$en"es B29. 3he$e is no nee+ to+i$e"tly measu$e utility. 3his $esult le+ mainst$eame"onomi"s to $e+e)ine utility an+ =el)a$e as the

satis)a"tion o) in+i*i+ual ($e)e$en"es o$ tastes as$e*eale+ by =illingness to (ay B2- 2- <0. tility )o$so"iety in the "u$$ent (e$io+ is the$e)o$e ma;imiFe+=hen $esou$"es a$e allo"ate+ to those =illing to (aythe most )o$ them- =hi"h also ma;imiFes moneta$y*alue )o$ the e"onomy as a =hole. In the =o$+s o) alea+ing e"onomist the $e)usal o) mo+e$n e"onomiststo ma>e inte$(e$sonal "om(a$isons o) utility meansin e))e"t that they use =ealth $athe$ than ha((inessas the "$ite$ion )o$ an e))i"ient allo"ation o) $esou$"esGB<1 (. 99H. y e))i"ient- Posne$ means Pa$etoe))i"ient Galso >no=n as Pa$eto o(timalH in hono$ o)

Vil)$e+o Pa$eto- a "ent$al )igu$e in the +e*elo(ment o) neo"lassi"al e"onomi"s. Pa$eto e))i"ien"y is +e)ine+ as

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a situation in =hi"h it is im(ossible to ma>e at leastone in+i*i+ual bette$ o)) =ithout ma>ing anothe$ =o$seo)). n+e$ "e$tain $igi+ assum(tions- ma$>ets "an besho=n to allo"ate $esou$"es in a Pa$eto e))i"ientmanne$. 3he "ent$al +esi$e+ en+ o) e"onomi" a"ti*ity inmainst$eam =el)a$e e"onomi"s is Pa$eto e))i"ien"y-e?ui*alent to the ma;imiFation o) moneta$y *alue o$e"onomi" su$(lus at any gi*en (oint in time- b$ought

about by the satis)a"tion o) in+i*i+ual ($e)e$en"es in ama$>et e"onomy. a$>et "om(etition ho=e*e$ lea+s)i$ms to sell thei$ ($o+u"ts at the lo=est (ossible ($i"eto "o*e$ thei$ )a"to$s o) ($o+u"tion- eliminatinge"onomi" ($o)it. 3he (u$suit o) ($o)it lea+s )i$ms toinno*ate- so that "onsume$s "an obtain mo$e an+bette$ ($o+u"ts at a lo=e$ ($i"e o*e$ time. Sin"e ala$ge$ e"onomy "$eates e*en mo$e =ealth- "ontinuouse"onomi" g$o=th is anothe$ +esi$e+ en+.

3hese "on"lusions eme$ge+ )$om )ai$ly $igi+ as5sum(tions about human beha*io$- in"lu+ing $ationality-sel)5inte$est- an+ insatiability. 3hey also $ely on the

assum(tion that =e "annot ma>e inte$(e$sonal"om(a$isons o) utility. 3he )ollo=ing th$ee sub5se"tions=ill e;amine the $a(i+ly a""umulating e*i+en"e that$e)utes these assum(tions- mu"h o) =hi"h =as($o+u"e+ by e"onomists at the e+ge. 3he )o$th sub5se"tion belo= assesses the e;tent to =hi"h thise*i+en"e has a))e"te+ mainst$eam e"onomi"s.

2.1. %$e Peo(le #ational

3he beha*io$al s"ien"es- in"lu+ing beha*io$al e"o5nomi"s an+ neu$os"ien"e- ha*e +one the most to"hallenge the notion that humans a$e (e$)e"tly$ational. 3he (olymath e$be$t Simon )i$st (o(ula$iFe+the i+eas o) boun+e+ $ationality an+ satis)i"ing-=hi"h $e"ogniFe+ that humans ha*e limite+ "ogniti*e"a(a"ity an+ limite+ in)o$mation- an+ un+e$ these"i$"umstan"es must settle )o$ satis)a"to$y $athe$ thano(timal +e"isions B<2. 3*e$s>y an+ Nahnemansho=e+ in $igo$ous e;(e$iments that human +e"ision5ma>ing e;hibits systemati" biases. 'o$ e;am(le- most(eo(le a$e $is> a*e$se- an+ =eight losses mo$e hea*ilythan gains o) e?ual *alue. One "an )$ame a single($oblem in a =ay that em(hasiFes eithe$ losses o$gains an+ a))e"t the +e"ision ma>ing ($o"ess B<<. %s

the title o) t=o (o(ula$ boo>s em(hasiFe- nume$ouse;(e$iments ha*e sho=n that (eo(le a$e P$e+i"tablyI$$ational B<4- an+ =e "an the$e)o$e use ou$ >no=5le+ge o) human beha*io$ to Lu+ge B</ (eo(le in+esi$e+ +i$e"tions. ,"onomist ilton '$ie+man a$gue+that the test o) a goo+ theo$y is not its $ealism- but$athe$ its ability to gene$ate goo+ ($e+i"tions B<the assum(tion o) e"onomi" $ationality )ails this test.

Leu$os"ientists an+ e*olutionists ha*e +ug +ee(e$into the o$igins o) su"h seemingly @i$$ational@ beha*io$.3he human b$ain has th$ee ?uasi5in+e(en+entsubsystems =ith +i))e$ent )un"tions that e*ol*e+ at

+i))e$ent times. #oughly s(ea>ing- the @$e(tilian@ (a$to) the b$ain is $es(onsible )o$ many automati" an+

instin"tual beha*io$s- the limbi" system is $es(onsible)o$ emotions an+ $elate+ beha*io$s- an+ the mo$e$e"ently e*ol*e+ neo5"o$te; is $es(onsible )o$ logi"-abst$a"t thought an+ (lanning )o$ the )utu$e. Peo(leuse +i))e$ent (a$ts o) the b$ain to ma>e +i))e$ent ty(eso) +e"isions- an+ it is (ossible to )$ame a +e"ision insu"h a =ay that it eli"its a +i))e$ent $es(onse initiate+in a +i))e$ent (a$t o) the b$ain B<7. 'u$the$mo$e-

"ontinuous e;(osu$e to )i;e+ "ultu$al no$ms Ge.g.-$eligious +o"t$ines- (oliti"al i+eologies an+ +is"i(lina$y(a$a+igmsH lite$ally hel(s to sha(e the b$ain@s syna(ti""i$"uit$y in ?uasi5)i;e+ (atte$ns that $e)le"t an+ embe+those e;(e$ien"es =hi"h lea+s (eo(le to $e6e"tin)o$mation that +oes not "on)o$m to thei$ ($e5e;isting belie)s B<9. In )a"t- "e$tainty a((ea$s to bemo$e o) an emotional state than the $esult o) $ationalthought B<. 3his hel(s e;(lain su$*eys that sho=highe$ le*els o) e+u"ation "o$$elate =ith g$eate$ belie) in anth$o(ogeni" "limate "hange in all g$ou(s in theS e;"e(t #e(ubli"ans- =he$e the in*e$se is t$ue B40

an+ that "onse$*ati*e =hite males- (a$ti"ula$ly those=ith high sel)5$e(o$te+ un+e$stan+ing o) global=a$ming- a$e mo$e li>ely to +eny anth$o(ogeni""limate "hange than othe$ g$ou(s B41.

2.2. %$e Peo(le Pu$ely Sel)5Inte$este+

Con*in"ing "hallenges to the notion o) (e$)e"t sel)5inte$est "ome )$om a =i+e *a$iety o) )iel+s- in"lu+inganth$o(ology- mathemati"al biology- beha*io$al e"o5nomi"s- neu$os"ien"e- e(i+emiology an+ e*olution.In"$easing e*i+en"e suggests that symbioti" "oo(5e$ation has (laye+ a "$iti"al $ole in ma6o$ e*olutiona$yt$ansitions- in"lu+ing the eme$gen"e o) eu>a$yotes)$om "oo(e$ating g$ou(s o) ($o>a$yotes an+ multi5"ellula$ li)e )$om "oo(e$ating g$ou(s o) uni"ellula$o$ganisms B42- 4<. Coo(e$ation an+ "on"e$n )o$ othe$sis ubi?uitous in humans an+ li>ely the ma6o$ )a"to$"ont$ibuting to humanity@s su""ess B44‒47. isto$i"ally-e"onomists use+ the theo$y o) natu$al sele"tion tosu((o$t thei$ assum(tion o) sel)5inte$est- a$guing thatin+i*i+uals =ho sa"$i)i"e+ thei$ o=n )itness to hel(othe$s =oul+ be out5"om(ete+ by sel)ish in+i*i+uals-thus (u$ging alt$uism )$om the gene (ool. o=e*e$-mathemati"al biology has "on)i$me+ at least )i*e

+i))e$ent (aths th$ough =hi"h "oo(e$ation "an e*ol*e:+i$e"t $e"i($o"ity- in+i$e"t $e"i($o"ity- >in5sele"tion-s(atial ($o;imity- an+ g$ou( sele"tion. 3he )a"t that all)i*e o""u$ in humans ma>es us @Su(e$ Coo(e$ato$s@B4/. %nth$o(ologists ha*e em(i$i"ally teste+ *a$ioustheo$ies o) "oo(e$ation in mo+e$n "ommunities- )in+ingsigni)i"ant su((o$t )o$ them B49- =hile e*olutionistsha*e teste+ thei$ theo$ies o) "oo(e$ation against$an+om sam(les )$om the anth$o(ologi"al lite$atu$e-again )in+ing signi)i"ant su((o$t B4.

Pe$ha(s the most inte$esting (ath to "oo(e$ation isg$ou( sele"tion- o$ mo$e a""u$ately multi5le*el se5

le"tion: g$ou(s =ith mo$e alt$uisti" in+i*i+uals ha*eg$eate$ $e($o+u"ti*e su""ess than those =ith mo$e

4



sel)ish in+i*i+uals- e*en though =ithin a gi*en g$ou(-sel)ish in+i*i+uals may be mo$e )it B44- 4/- 4‒/1.3his $esults in a (o(ulation that "an e;hibit a =i+e$ange o) geneti" ($e5+is(ositions to=a$+s ($o5so"ialbeha*io$- $anging )$om (u$ely sel)ish to highly alt$uisti".any "oo(e$ati*e s(e"ies $anging )$om slime mol+s togu((ies an+ humans a$e able to +ete"t an+ (unish"heate$s an+ )a*o$ "oo(e$ato$s- =hi"h )u$the$ ($o5

motes "oo(e$ation B4- /2. 3he nee+ to i+enti)y"heate$s an+ "oo(e$ato$s may in )a"t ha*e (laye+ anim(o$tant $ole in the e*olution o) human intelligen"eB4/- /<.

In humans- the geneti" "a(a"ity )o$ "oo(e$ationhas been su((lemente+ by "ultu$e in a "o5e*o5lutiona$y ($o"ess. eha*io$al e"onomists ha*e +e*ise+a se$ies o) games that sho= that (eo(le =ill sa"$i)i"ethei$ o=n =el)a$e to hel( othe$s e*en in anonymoussettings- an+ =ill also sa"$i)i"e thei$ o=n =el)a$e ino$+e$ to (unish sel)ish in+i*i+uals. Su"h (unishmenta((ea$s to be a so"ial me"hanism )o$ ($omoting

"oo(e$ation- an+ is thus >no=n as alt$uisti" (un5ishment B/4- //. athemati"al mo+els sho= thatalt$uisti" (unishment- in"lu+ing the (unishment o) non5(unishe$s- g$eatly )a"ilitates the eme$gen"e o) "oo(e$ation an+ is o)ten built into "ultu$al no$ms B49-/. %s a $esult- +i))e$ent "ultu$es e;hibit +i))e$ent+eg$ees o) "oo(e$ation B4/- /7.

%nothe$ inte$esting )in+ing is that "oo(e$ati*e s(e"iesas *a$ie+ as the ($o>a$yote y;o"o""us ;anthus B/9an+ the eu>a$yote Di"tostelium +is"oi+eum B/2"oo(e$ate =hen $esou$"es a$e s"a$"e- but not =hen theya$e $elati*ely abun+ant. 3his $aises the inte$esting (os5sibility that ou$ "om(etiti*e ma$>et e"onomy is only*iable in the ($esen"e o) )ossil )uels- =hi"h unleashe+ ane= e$a o) un($e"e+ente+ $esou$"e abun+an"e.

Con)i$ming the biogeneti" "om(onent o) "o5o(e$ation- neu$os"ientists ha*e +$a=n attention to theneu$ot$ansmitte$ o;yto"in an+ its >in- =hi"h a$e )oun+in all animals )$om )ish to mammals. O;yto"in se$*esas a ho$mone that stimulates bi$th "ont$a"tions inmothe$s- an+ as a neu$ot$ansmitte$ that in+u"es ast$ong )eeling o) bon+ing. Ahen (eo(le engage in"oo(e$ati*e a"ti*ities- thei$ o;yto"in le*els in"$ease-an+ a+ministe$ing ae$osoliFe+ o;yto"in in"$eases theli>elihoo+ o) "oo(e$ation in e;(e$imental games B/-

0. O;yto"in is also stimulate+ by se;ual a"ti*ity- an+in+u"es sensations o) =ell5being B1. Pe$ha(s bloo+o;yto"in le*els a$e a mo$e a""u$ate measu$e o) utilitythan "onsum(tion

umans a$e "a(able o) +e*elo(ing institutions thatlea+ ($ima$ily sel)ish in+i*i+uals to "oo(e$ate- o$($ima$ily "oo(e$ati*e in+i*i+uals to be sel)ish B22- 2‒/. One (a$ti"ula$ly +istu$bing )in+ing is that moneta$ye;"hange may a"tually $e+u"e "oo(e$ation by "$o=+ingout int$insi" moti*ations B- 7- an+ sim(ly ($iming(eo(le to thin> about money may ma>e them mo$esel)5inte$este+ B9.

% )inal "hallenge to the assum(tion o) (e$)e"t sel)5inte$est is the "om(elling stu+y by e(i+emiologists

Ail>inson an+ Pi">ett. 3hei$ $esea$"h )oun+ thatin+i*i+uals in une?ual so"ieties e;(e$ien"e highe$le*els o) so"ial an+ health ($oblems then in+i*i+uals inmo$e e?ual so"ieties- $ega$+less o) o*e$all le*els o) in"ome. In )a"t- =ealthy in+i*i+uals may be =o$se o)) in une?ual so"ieties than lo=e$ in"ome in+i*i+uals inmo$e e?ual so"ieties B. umans a((ea$ to ha*e aninnate "on"e$n )o$ )ai$ness B70.

Integ$ating these insights into e"onomi" analysis has($o)oun+ im(a"ts. any o) the most se$ious ($oblems)a"e+ by so"iety to+ay- $anging )$om "limate "hange to+e*elo(ing g$een te"hnologies- "an be mo+ele+ as($isone$s@ +ilemmas- =hi"h a$e best sol*e+ th$ough"oo(e$ation B4/- 71. I) (eo(le e*ol*e+ to be highly "o5o(e$ati*e- i) +i))e$ent e"onomi" institutions eli"it +i))e$ent+eg$ees o) "oo(e$ation- an+ i) ma$>ets "an eli"it sel)ishbeha*io$- then it be"omes ob*ious that =e must e;(lo$ea *a$iety o) allo"ati*e me"hanisms in a++ition to ma$>etsB22- 72- su"h as st$ategies base+ on sha$e+ ($o+u"tionan+ "ommon o=ne$shi( B71- 7<‒77. I) (eo(le a$e

inhe$ently so"ial- then =e must ?uestion the metho5+ologi"al in+i*i+ualism that un+e$lies most mi"$o5e"onomi" analysis. I) (eo(le "a$e about )ai$ness an+e?uality- then 6ust +ist$ibution may be mo$e im(o$tantthan Pa$eto e))i"ien"y.

2.<. %$e Peo(le Insatiable

3he assum(tion o) insatiability also )ails to stan+ u( tothe s"ienti)i" e*i+en"e. Pe$ha(s the most ob*iouse*i+en"e "omes )$om anth$o(ology. umans =e$enoma+i" hunte$5gathe$e$s )o$ at least /Q o) thei$histo$y. %s hunting an+ gathe$ing a"ti*ities +e(lete+)oo+ su((lies- t$ibes =e$e )o$"e+ to see> out ne= )oo+sou$"es- o)ten )a$ a=ay. 3hose =ho attem(te+ toa""umulate mo$e than they "oul+ "a$$y =oul+ sta$*eB79- so it is ha$+ to en*ision an e*olutiona$y a+*an5tage to insatiability. Loma+i" so"ieties =e$e also highlyegalita$ian- an+ )$e?uently (unishe+ in+i*i+uals =hotoo> too la$ge a sha$e o) a*ailable $esou$"es B4.

Ahy then a$e (eo(le in gene$al so =illing to"onsume mo$e Chilean e"onomist a;5Lee) suggeststhat (eo(le might belie*e G(e$ha(s "on*in"e+ bya+*e$tise$sH that "onsuming a "e$tain ($o+u"t =illsatis)y thei$ nee+ )o$ )$ee+om- a))e"tion- (a$ti"i(ation-

leisu$e an+ so on. Ahen "onsuming the ($o+u"t )ailsto satis)y- they may mista>enly belie*e that theysim(ly ha*e not "onsume+ enough- lea+ing to a)eeling o) insatiability B7. %nothe$ ($oblem a$ises=ith (ositional goo+s- "onsume+ to "on)e$ status.Status is a $elati*e "on"e(t- an+ i) e*e$yone@s "on5sum(tion le*el in"$eases e?ually- then status is un5"hange+ e*en as en*i$onmental im(a"ts =o$sen B90.'u$the$mo$e- as the $i"h in"$ease thei$ "onsum(tion o) status goo+s- e*e$yone else =ill )eel =o$se o))- an+(eo(le may ma>e im(o$tant sa"$i)i"es o) thei$ o=n=ell5being in othe$ a$eas in o$+e$ to maintain thei$

status B91‒94. umans a$e othe$5$ega$+ing in en*y as=ell as )ai$ness.

/



3his e*i+en"e suggests that beyon+ a "e$tain (oint-e*e$5in"$easing "onsum(tion- es(e"ially o) (ositionalgoo+s- may ($o*i+e )e= bene)its )o$ so"iety- =hileim(osing se$ious "osts.

2.4. Is the S"ien"e o) uman 0eha*io$ %))e"tingainst$eam an+ O$tho+o; ,"onomi"s

,"onomists at the e+ge o) the mainst$eam Gin"lu+ingmany not "ite+ abo*eH ha*e "on+u"te+ mu"h o) the$esea$"h on human beha*io$ that "hallenges $ationality-sel)5inte$est an+ satiability- =ith $esults )$e?uently(ublishe+ in mainst$eam 6ou$nals an+ taught ing$a+uate ($og$ams. y these "$ite$ia- "onsilien"e isun+e$=ay.

o=e*e$- =hile an in"$easing numbe$ o) un+e$5g$a+uate te;tboo>s mention beha*io$al e"onomi"s- ithas yet to "hange o$tho+o; e"onomi"s in any mean5ing)ul =ay. Pe$ha(s the most +amning e*i+en"e he$e isthe "onsistently $e(li"ate+ $esea$"h sho=ing that

$elati*e to the gene$al (o(ulation- (eo(le =ho stu+ye"onomi"s on a*e$age beha*e less "oo(e$ati*ely B9/-9 ($io$itiFe ($o)it ma;imiFation o*e$ )ai$ness B97a$e mo$e "o$$u(t B99 an+ a$e mo$e li>ely to )$ee $i+eB9. Some o) the +i))e$en"es a$e base+ on ($e5sele"tion Gi.e. mo$e sel)ish (eo(le a$e li>ely to stu+ye"onomi"sH but some a$e base+ on in+o"t$ination B0in eithe$ "ase this +oes not bo+e =ell )o$ "onsilien"e=ith the beha*io$al s"ien"es. On the othe$ han+-o=les@ B1 te;tboo> a""e(ts the s"ien"e o) human be5ha*io$ an+ e*olution as "o$e ($in"i(les- an+ may )o$e5sha+o= a )un+amental "hange in o$tho+o; e"onomi"s.

'$om the (e$s(e"ti*e o) sustainability- "onsilien"ematte$s most =hen the $esulting insights a$ein"o$(o$ate+ into (oli"y $e"ommen+ations. Ko=+y an+,$i">son G200/H a$gue that +es(ite the )a"t thatneo"lassi"al theo$ists ha*e by an+ la$ge aban+one+e"onomi" man Mthe (oli"y $e"ommen+ations o) e"onomists a$e still base+ on these out+ate+ $e($e5sentations o) human beha*io$MGan+ "ontinueH to o))e$ba+ a+*i"e in +ealing =ith some o) the most ($essingen*i$onmental an+ so"ial issues )a"e+ in the t=enty5)i$st "entu$y. Kintis B2 "on"u$s that en*i$onmental(oli"ies a$e gene$ally base+ on a mo+el o) the humana"to$ ta>en )$om neo"lassi"al e"onomi" theo$y.

'o"using s(e"i)i"ally on the ($oblems o) (ositionalgoo+s- but e?ually $ele*ant to othe$ insights )$om thes"ien"e o) human beha*io$- '$an> B< as>s =hy +oesthe e"onomi"s ($o)ession ta>e no a""ount o) these"on"e$ns =hen )o$mulating e"onomi" (oli"y$e"ommen+ations- an+ asse$ts that none o) the$es(onses ($o*i+e by his "olleagues bea$ s"$utiny.

One $eason that many e"onomists )ail to a""e(t theinsights )$om beha*io$al e"onomi"s is the asse$tionthat "hoi"e beha*io$ is e?ui*alent to =el)a$e by+e)inition- in =hi"h "ase it sim(ly +oes not matte$ho= o$ =hy (eo(le ma>e (a$ti"ula$ "hoi"es. '$om this

libe$ta$ian (e$s(e"ti*e- i) =e "annot ma>e ob6e"ti*e-inte$(e$sonal "om(a$isons o) utility- then the only

ob6e"ti*e goal is )$ee "hoi"e Ge.g. B2- <0H.o=e*e$- =hen e"onomists a$gue )o$ the satis5

)a"tion o) sub6e"ti*e ($e)e$en"es as a "ent$al goal o) e"onomi"s- they )ail to (oint out that ma$>ets =eight($e)e$en"es by (u$"hasing (o=e$. any o) the ($ob5lems "ent$al to sustainability "on"e$n the allo"ation o) so"iety@s sha$e+ inhe$itan"e )$om natu$e. It is ha$+ly*alue5neut$al o$ ob6e"ti*e to asse$t that =e shoul+

allo"ate base+ on the ($in"i(le o) one +olla$- one *ote$athe$ than one (e$son- one *ote- (a$ti"ula$ly i) (eo(le "a$e about )ai$ness. a$>ets assign a =eight o) Fe$o to the ($e)e$en"es o) the +estitute- an+ system5ati"ally allo"ate $esou$"es to=a$+s the =ealthy. 3his is(a$ti"ula$ly t$oubling )o$ $esou$"es that a$e essentialan+ non5substitutable. 3a>e )oo+ as an e;am(le.Ahen the ($i"es o) g$ain mo$e than +ouble+ +u$ingthe )oo+ "$isis o) 2007 to 2009- $i"h "ount$ies su"h asthe S% sa= negligible "hange in "onsum(tion the($i"e o) =heat t$i(le+- yet "onsum(tion a"tuallyin"$ease+ B4. 3he (oo$est "ount$ies in "ont$ast sa=

a +$amati" su$ge in hunge$ an+ malnut$ition B/.n?uestionably- moneta$y *alue is ma;imiFe+ byallo"ating )oo+ to an o*e$)e+ $i"h (e$son =illing to (aya high ($i"e $athe$ than a malnou$ishe+ an+ +estitute)amily =ho "an a))o$+ to (ay almost nothing- but it is+i))i"ult to a""e(t that this this is someho= o(timal-e))i"ient o$ utility ma;imiFing. In )a"t- ma$>etsa$guably allo"ate the ma$ginal "alo$ie to those =hogaine+ the least a++itional utility )$om its "onsum(tionB. 3he $e)usal o) o$tho+o; e"onomi"s to ma>einte$(e$sonal "om(a$isons o) utility is so e;t$emeho=e*e$ that mainst$eam te;tboo>s essentially +enythe +istin"tion bet=een =ants an+ nee+s to ?uote aty(i"al te;tboo>- the la= o) +eman+ (uts the "on"e(to) basi" human @nee+s@ to $est- at least as ananalyti"al "on"e(t GB7 (. 2/H. Denying (hysio5logi"al nee+s is +enying basi" s"ien"e.

I) I ($e)e$ o$anges an+ you ($e)e$ a((les- it may beim(ossible to +ete$mine i) the utility I $e"ei*e )$omo$anges e;"ee+s =hat you $e"ei*e )$om a((les- an+allo"ation base+ on =illingness to (ay seems (e$)e"tly$easonable. o=e*e$- to =hom so"iety +e"i+es to al5lo"ate $esou$"es $e?ui$e+ to satis)y (hysiologi"al ne5"essities is an ethi"al issue- not a ?uestion o) ($e)5e$en"es B9- . 3his is es(e"ially t$ue i) those

$esou$"es a$e a gi)t )$om natu$e.Ahile s"ien"e "an tell us mu"h about the +esi$able

en+s o) e"onomi" a"ti*ity- =hi"h en+s shoul+ be ($io$5itiFe+ is ultimately an ethi"al ?uestion. S"ien"e mayho=e*e$ be able to "ont$ibute insights into ethi"alissues. One hy(othesis is that ethi"s is the $esult o) gene5"ultu$e e*olution +esigne+ to ($omote human"oo(e$ation- an+ hen"e the su$*i*al o) the s(e"ies. &ot+o=n a list o) )i*e ethi"al beha*io$s an+ )i*e unethi"albeha*io$s. Rou a$e li>ely to )in+ that ethi"al beha*io$s(ut the g$ou( ahea+ o) the in+i*i+ual- =hile unethi"albeha*io$ (uts the in+i*i+ual ahea+ o) the g$ou(. ost

$eligions simila$ly "all )o$ (utting the g$ou( ahea+ o) the in+i*i+ual B/0. Consilien"e =ith eithe$ the



s"ien"es o$ humanities =oul+ )o$"e e"onomists to$e"onsi+e$ the goal o) ma;imiFing moneta$y *alue-(a$ti"ula$ly )o$ essential $esou$"es.

'! (hat )o the Physical and Life Sciences *ell+s About Scarce esources-

Consilien"e =ith the so"ial s"ien"es an+ humanities

=oul+ )o$"e mainst$eam e"onomi"s to $e"onsi+e$ =hatis +esi$able "onsilien"e =ith the (hysi"al an+ li)es"ien"es =oul+ )o$"e it to $e"onsi+e$ =hat is (ossible.Con*entional e"onomi"s eme$ge+ at a time =hennatu$al $esou$"es =e$e *ast $elati*e to human+eman+s. 3he $e"ently unleashe+ (o=e$ o) )ossil )uels($o*i+e+ a""ess to ($e*iously una*ailable mine$al$esou$"es an+ un($e"e+ente+ ?uantities o) $ene=able$esou$"es. Su$(lus out(ut allo=e+ so"iety to allo"atemo$e $esou$"es to=a$+s s"ien"e- an+ te"hnologi"ala+*an"es )u$the$ enhan"e+ humanity@s $esou$"e baseB100. ,"onomists "ame to assume that te"hnology

"oul+ al=ays )in+ a substitute )o$ any gi*en $esou$"e-to the (oint that they "oul+ sa)ely igno$e natu$al$esou$"es an+ )o"us enti$ely on "a(ital an+ labo$ asthe s"a$"e means o) ($o+u"tion B101. Ahene"onomists again began to o""asionally in"o$(o$atenatu$al $esou$"es into thei$ ($o+u"tion )un"tions in the170s- $a= mate$ials- "a(ital an+ labo$ =e$e t$eate+as substitutes- as though one "oul+ ma>e mo$e b$ea+)$om the same )lou$ by a++ing mo$e "oo>s an+ o*ensB102‒10/. ,"onomists la$gely t$eate+ te"hnology asmanna )$om hea*en- an+ *i$tually igno$e+ theim(o$tan"e o) "hea( an+ abun+ant ene$gy B10. 3he(o=e$ o) )ossil )uels ho=e*e$ has allo=e+ us to+e(lete natu$al "a(ital sto">s an+ in"$ease =asteemissions to le*els that +iminish the e"osystem@s"a(a"ity to $e($o+u"e an+ to sustain "$iti"al )un"tions.,"onomi"s "an no longe$ igno$e the la=s o) (hysi"san+ e"ology an+ the natu$al $esou$"e base on =hi"hso"iety an+ the e"onomy +e(en+ B- 19- 107.

<.1. 3he Ea=s o) Physi"s

'$om the la=s o) (hysi"s =e >no= that it is im(ossibleto "$eate something )$om nothing. %ll e"onomi"($o+u"ts $esult )$om the t$ans)o$mation o) $a=

mate$ials ($o*i+e+ by natu$e. 'u$the$mo$e- it isim(ossible to "$eate nothing )$om something. %llhuman ma+e ($o+u"ts b$ea> +o=n- =ea$ out an+e*entually )all a(a$t- $etu$ning to the en*i$onment as=aste. 3he e;t$a"tion o) $a= mate$ials )$om natu$ean+ the $etu$n o) +iso$+e$e+ =aste a$e >no=n asth$ough(ut. Sim(ly maintaining e;isting "a(ital sto">sin the )a"e o) ent$o(y $e?ui$es "ontinuous )lo=s o) th$ough(ut B109.

Ae also >no= )$om (hysi"s that the t$ans)o$mationo) $a= mate$ial in(uts into e"onomi" ($o+u"ts an+=aste $e?ui$es lo= ent$o(y ene$gy- i$$e*e$sibly "on5

*e$te+ th$ough use into high ent$o(y =aste. #e"y"lingene$gy =ithout net ene$gy loss is im(ossible B19-

10. 'inite sto">s o) )ossil )uels a""ount )o$ nea$ly0Q o) all ene$gy use+ )o$ e"onomi" ($o+u"tion. Ae"an use )ossil )uels almost as )ast as =e li>e- but on"euse+ they a$e gone )o$e*e$. Le= te"hnologies ha*e$e"ently hel(e+ in"$ease g$oss oil ($o+u"tion- but =ithin"$easingly high ene$gy "osts (e$ ne= ba$$el e;5t$a"te+- hen"e lo=e$ net ene$gy an+ highe$ g$een5house gas emissions (e$ ba$$el B110- 111. 3he

$ene=able alte$nati*es to )ossil )uel a$e a*ailable in*ast ?uantities- but most a$e highly +i))use- +i))i"ult to"a(tu$e- t$ans(o$t an+ sto$e- an+ )lo= at a )i;e+ $ateo*e$ time B107- 112. Sustainability +eman+s that =e+e(lete )ossil )uel sto">s no )aste$ than =e maste$ thete"hnologies $e?ui$e+ to b$ing alte$nati*e ene$gysou$"es on line B109.

,"onomists must a""ount )o$ at least th$ee +istin"t"atego$ies o) )a"to$s o) ($o+u"tionthat a$e essentially"om(lements- not substitutes- an+ that ha*e +i))e$ent"ha$a"te$isti"s: $a= mate$ials- "a(ital- an+ ene$gy.#a= mate$ialsJ=hi"h %$istotle "alle+ mate$ial "ause

an+ Keo$ges"u5#oegen G171H +ubbe+ sto">5)lo=$esou$"esJ a$e (hysi"ally t$ans)o$me+ into e"onomi"($o+u"ts at a $ate =e "hoose- an+ use e?uals+e(letion. Ca(ital an+ labo$J=hi"h %$istotle "alle+e))i"ient "ause an+ Keo$ges"u5#oegen G171H +ubbe+)un+5se$*i"e $esou$"esJt$ans)o$m $a= mate$ials into($o+u"ts that bene)it humans at a gi*en $ate o*e$time. 'un+5se$*i"es a$e not use+ u( in the a"t o) ($o+u"tion- but $athe$ a$e =o$n out an+ must bemaintaine+. 'un+5se$*i"es $e?ui$e ene$gy- su"h as)ossil )uels- )oo+ o$ sunshine. %s an e;am(le- a ba>e$y$e?ui$es )lou$- "oo>s- o*ens an+ ene$gy G)oo+ )o$ the"oo>s- ele"t$i"ity )o$ the o*ensH. Eabo$ an+ "a(ital-both )un+5se$*i"es- "an substitute )o$ ea"h othe$- buta$e "om(lements to )lou$ an+ ene$gy. % mo$e e))i"ientsto*e uses less ene$gy- =hi"h "oul+ be "onst$ue+ assubstitution at the ma$gin- but on"e ma;imume))i"ien"y has been a"hie*e+- no a++itional sub5stitution is (ossible.

'inally- the most basi" la=s o) (hysi"s an+mathemati"s tell us that e;(onential in"$eases ine))i"ien"y o$ e;(onential g$o=th o) any (hysi"alsubsystem o) a )inite system "an at best be t$ansient(henomena B11<. One +olla$ in*este+ in the yea$ 0at Q inte$est =oul+ no= ha*e the same *alue as a

ball o) gol+ Gat 1<00 an oun"eH )illing ou$ sola$system to the o$bit o) Pluto. 3he e"onomy is a(hysi"al system- an+ "annot g$o= in+e)initely.

<.2. 3he Ea=s o) ,"ology

3he la=s o) e"ology a$e almost "e$tainly mo$e tightlybin+ing on e"onomi" a"ti*ity than the la=s o) (hysi"s-though o)ten )a$ less un+e$stoo+. any o) the $a=mate$ials Gsto">5)lo= $esou$"esH (hysi"ally t$ans)o$me+into e"onomi" ($o+u"ts alte$nati*ely se$*e as thest$u"tu$al buil+ing blo">s o) e"osystems G)un+s that

gene$ate a se$*i"eH. So"iety "an la$gely +ete$mine ho=)ast to +e(lete a*ailable $a= mate$ial sto">s- su"h as

7



ene$gy e))i"ien"y +oes not $e+u"e its e))e"ti*eness )o$those =ho a+o(te+ it )i$st. In)o$mation is mo$e than

6ust non5$i*al: it a"tually im($o*es =ith use B14<.In)o$mation is also essential )o$ all e"onomi" ($o+u"tionan+ must (lay an im(o$tant $ole in a++$essing ou$"u$$ent e"ologi"al "$ises.

4.2. 3he @Ea=s@ o) ,"onomi"s

o+e$n e"onomi"s eme$ge+ at the en+ o) the 19th"entu$y- =hen natu$al $esou$"es =e$e $elati*elyabun+ant an+ (e$ "a(ita "onsum(tion o) human ma+egoo+s an+ se$*i"es a tiny )$a"tion o) =hat it is to+ayGDelong B144 estimates that $eal global KDP (e$"a(ita has in"$ease+ mo$e than <0 )ol+ sin"e 1900H.In"$easing the out(ut o) human ma+e ($o+u"ts =asa$guably the best =ay to im($o*e human =el)a$e- an+ma$>ets an e))e"ti*e =ay to a"hie*e this goal. oste"onomists the$e)o$e )o"use+ on ma$>et allo"ation.3he ma$>et ($i"e me"hanism allo"ates s"a$"e $e5

sou$"es to=a$+s the ($o+u"ts that a++ the mostmoneta$y *alue then $ations those ($o+u"ts to=a$+sthe "onsume$s =illing to (ay the most )o$ them. 3he$ule )o$ a"hie*ing this out"ome is to >ee( ($o+u"ingo$ "onsuming until $ising ma$ginal "osts e?ual+iminishing ma$ginal bene)its. 3he logi" is st$aight5)o$=a$+: =hen ma$ginal bene)its e;"ee+ ma$ginal "oststhen in"$easing "onsum(tion o) a single "ommo+ity o$o) e"onomi" ($o+u"tion as a =hole in"$eases totalutility. o=e*e$- i) ma$ginal "osts e;"ee+ ma$ginalbene)its- then a++itional "onsum(tion ma>es us =o$seo)). Diminishing ma$ginal utility- $ising ma$ginal "osts-an+ the e?uima$ginal ($in"i(le o) o(timiFation Gi.e.halting "onsum(tion =hen TCH a$e t$eate+ asbasi" la=s o) mainst$eam e"onomi"s.

ainst$eam e"onomi"s gene$ally )o"uses on+iminishing ma$ginal utility )o$ in+i*i+ual "ommo+ities:the )i$st 2000 "alo$ies you "onsume (e$ +ay ($o*i+e)a$ g$eate$ bene)its than the ne;t 2000. 3he same$ule a((lies ho=e*e$ )o$ agg$egate "onsum(tion. Ingene$al- (eo(le s(en+ thei$ )i$st units o) in"ome onbasi" ne"essities- su"h as )oo+- =ate$- shelte$ an+"lothing. %s =e ea$n mo$e in"ome- =e buy in5"$easingly less essential "ommo+ities =ith in"$easinglysmalle$ "ont$ibutions to ou$ =ell5being. 3his means

the$e a$e +iminishing ma$ginal bene)its to in"$easing"onsum(tionan+ hen"e to e"onomi" g$o=th. 3hema$ginal "osts o) e"onomi" g$o=th ho=e*e$ a$e$ising. %s in+i*i+uals in a "om(etiti*e ma$>et- =e (aythe same nominal ($i"e )o$ ea"h a++itional unit =e"onsume. o=e*e$- =hen =e =o$> to ($o+u"e thingso$ ea$n money- =e sa"$i)i"e the o((o$tunity to engagein othe$ a"ti*ities =e might en6oy mo$e. %s =e =o$> longe$ hou$s to ea$n mo$e money- =e must sa"$i)i"ein"$easingly +esi$able alte$nati*e a"ti*ities- so the $eal"ost o) "onsum(tion $ises. %t the same time- i) =ea""e(t the la=s o) (hysi"s an+ e"ology- )o$ any gi*en

te"hnology- in"$easing e"onomi" ($o+u"tion $e?ui$esthe "on*e$sion o) la$ge$ ?uantities o) $a= mate$ials

an+ ene$gy into e"onomi" ($o+u"ts an+ =aste-sa"$i)i"ing mo$e e"osystem se$*i"es. Eogi"ally- so"iety=ill sa"$i)i"e the least im(o$tant e"osystems an+se$*i"es )i$stan+ must the$e)o$e sa"$i)i"e in"$easinglyim(o$tant se$*i"es =ith in"$easing ($o+u"tion.,*entually- the $ising e"ologi"al "osts o) e"onomi"g$o=th =ill e;"ee+ the +iminishing ma$ginal bene)its-an+ g$o=th be"omes une"onomi"- meaning that it

ma>es us =o$se o)) B14/. Le= te"hnologies mayallo= us to ($o+u"e mo$e )$om less- but the$e a$elimits to e))i"ien"y im($o*ements- an+ the ine;o$ablela=s o) e;(onential g$o=th =ill ultimately ta>e o*e$.'u$the$mo$e- e))i"ien"y im($o*ements o)ten $esult ing$eate$ $esou$"e use- not less- an+ the same is t$ue)o$ e"onomi" g$o=th B14.

,*entually- as =e "on*e$t mo$e e"osystemst$u"tu$e into e"onomi" ($o+u"ts an+ $etu$n mo$e=aste- =e $un the $is> o) "$ossing "$iti"al e"ologi"alth$eshol+s an+ im(osing una""e(table e"ologi"al "ostson so"iety. Ahen =e "$oss a th$eshol+- a ma$ginal

"hange in a"ti*ity lea+s to a non5ma$ginal "hange inout"ome. I) the th$eshol+ in*ol*e+ lea+s to the loss o) an enti$e s(e"ies o$ e"osystem- =e must "om(a$e thema$ginal bene)its )$om the a"ti*ity =ith the total *alueo) the s(e"ies o$ e"osystem that is lost into thein+e)inite )utu$e B147. Ki*en the la= o) e"ology thate*e$ything is "onne"te+ to e*e$ything else B149- thetotal *alue may be un($e+i"table in a+*an"e- an+ maynot be $ealiFe+ )o$ +e"a+es o$ e*en "entu$ies B14.alan"ing ma$ginal "osts =ith ma$ginal bene)its is nolonge$ a(($o($iate.

3he "ent$al )o"us o) an e"onomi"s "onsilient =ithla=s o) e"ology an+ (hysi"s shoul+ no longe$ beabout ma;imiFing the moneta$y *alue o) ma$>etgoo+s an+ se$*i"es. #athe$- the )i$st ($io$ity shoul+ beto ensu$e that e"onomi" a"ti*ity +oes not lea+ us to"$oss "$iti"al e"ologi"al th$eshol+s- $anging )$omnit$ogen emissions to bio+i*e$sity loss an+ "limate"hange. Aith "u$$ent te"hnologies- this may be *e$y+i))i"ult. 'o$ e;am(le- #o">st$om et al. B2 estimatethat nit$ogen emissions must be $e+u"e+ by 70Q i) =e a$e to a*oi+ su"h th$eshol+s- =hile g$eenhousegas emissions must be $e+u"e+ by at least 90QB1/0. Aith "u$$ent te"hnologies it is not ob*ious that=e "an $e+u"e emissions by that mu"h an+ still )ee+ 7

billion (eo(le. a6o$ in*estments in $esea$"h an++e*elo(ment in ag$i"ultu$e an+ "lean ene$gy =ill be$e?ui$e+. ,*en =hen sa)ely +istant )$om "$iti"alth$eshol+s- e"onomists shoul+ )o"us on ensu$ing thatthe ma$ginal e"ologi"al "osts o) e"onomi" a"ti*ity +onot e;"ee+ the ma$ginal bene)its- e*en though +i$e"t"om(a$ison o) the "osts an+ bene)its may be +i))i"ulto$ im(ossible.

4.<. #esou$"e Cha$a"te$isti"s an+ %llo"ation

a$>ets a$e unli>ely to be a suitable me"hanism )o$

a"hie*ing these e"onomi" goals. In the absen"e o) e;5"lu+ability- anyone =ho =ants "an "onsume a $esou$"e

10



=hethe$ o$ not they (ay- an+ hen"e a$e unli>ely to*olunta$ily (ay in a "om(etiti*e ma$>et o$ a in a "ultu$ethat ($omotes sel)5inte$est. ,"osystem st$u"tu$e an+mine$al $esou$"es a$e ty(i"ally e;"lu+able un+e$e;isting institutionsan+ "an easily be "on*e$te+ intoma$>et "ommo+ities. o=e*e$- the e"osystem se$*i"eslost )$om $emo*ing st$u"tu$e an+ emitting =aste a$e)$e?uently non5e;"lu+able. a$>ets +o not "om(ensate

)o$ thei$ ($o*ision o$ (enaliFe )o$ thei$ loss. 3he $esultis o*e$ "onsum(tion- un+e$5($o*ision an+ +eg$a+ation.3his +ynami" e;(lains anth$o(ogeni" "limate "hange-lan+ use "on*e$sion- bio+i*e$sity loss- an+ most o) theothe$ se$ious ($oblems "u$$ently )a"e+ by so"iety.

One solution is to ma>e the $esou$"e e;"lu+able sothat it be"omes (ossible to $ation a""ess. It is im(os5sible to ma>e se$*i"es su"h as "limate $egulation-+istu$ban"e $egulation o$ ($ote"tion )$om V $a+iatione;"lu+able- but it is gene$ally (ossible to $egulate o$ma>e e;"lu+able the a"ti*ities that +est$oy thesese$*i"es. o=e*e$- ma>ing something e;"lu+able

$e?ui$es "olle"ti*e a"tion *ia so"ial institutions it is a($e$e?uisite )o$ ma$>et allo"ation- an+ not the $esult o) ma$>ets. I) sustainability is a goal- then so"iety mustste( in to $egulate a""ess to e"osystem st$u"tu$e an+=aste abso$(tion "a(a"ity to ensu$e the a+e?uate($o*ision o) e"osystem se$*i"es. ainst$eam e"o5nomists o)ten a$gue that sim(ly establishing t$a+able($i*ate ($o(e$ty $ights =ill automati"ally lea+ toe))i"ient allo"ation- so =ho $e"ei*es those $ights is$elati*ely unim(o$tant B1/1- 1/2. o=e*e$- as =e sa=abo*e =ith the "ase o) )oo+- ma$>et allo"ation o)ten)o$"es those =ith the g$eatest le*el o) (hysiologi"alnee+ )o$ a $esou$"e to $e+u"e "onsum(tion the most. I) =e limit lan+ use "hange- bio+i*e$sity loss- )$esh=ate$an+ nit$ogen to e"ologi"ally sustainable le*els- )oo+($i"es =ill li>ely s>y$o">et an+ the (oo$ =ill sta$*e-=hi"h is not so"ially sustainable. I) humans +o in+ee+"a$e about )ai$ness an+ the =ell5being o) othe$s- then($i"e5$ationing o) essential $esou$"esJes(e"ially those)$eely ($o*i+e+ by natu$eJis ina(($o($iate. Delib5e$ati*e +emo"$ati" ($o"esses gi*e e?ual =eight toe*e$yone@s ($e)e$en"es- =hile ma$>ets =eight($e)e$en"es by (u$"hasing (o=e$. Ahi"h o) thesea(($oa"hes to use is about the +ist$ibution o) (o=e$.'u$the$mo$e- ubi?uitous e;te$nalities $ule out Pa$eto

e))i"ien"y as a use)ul "$ite$ion- sin"e *i$tually alle"onomi" a"ti*ities ha*e negati*e im(a"ts on othe$s.

ut $ationing a""ess is not al=ays a solution. Lon5$i*al $esou$"es a$e not +e(lete+ th$ough use- an+$ationing a""ess the$e)o$e $e+u"es bene)its =ithouta))e"ting "osts. Su"h $esou$"es a$e not s"a$"e in ane"onomi" sense- as the$e is no nee+ to "om(ete )o$them on"e they e;istJthough the$e is "om(etition )o$any $i*al $esou$"es that might be $e?ui$e+ to ($o+u"eo$ ($ote"t them. a$>ets a$e only e))i"ient Gi.e. able tobalan"e ma$ginal "osts =ith ma$ginal bene)itsH )o$$esou$"es that a$e $i*al. Pa$a+o;i"ally- the e"onomi"

su$(lus Gthe moneta$y *alue o) total bene)its minustotal "ostsH )$om non5$i*al $esou$"es is ma;imiFe+ at a

($i"e o) Fe$o =he$e anyone =ho =ants "an "onsumethe $esou$"e. 3his is es(e"ially t$ue )o$ "leante"hnologies that $e(la"e (olluting ones. o=e*e$- ata ($i"e o) Fe$o- ma$>et su((ly is also Fe$o. ,"onomi"systems must still allo"ate $esou$"es to=a$+s the($o+u"tion o$ ($ote"tion o) non5$i*al $esou$"es.P$i*ate ($o(e$ty $ights to non5$i*al $esou$"es- Ge.g.(atentsH ($o*i+e ma$>et in"enti*es to su((ly them-

but simultaneously $e+u"e the e"onomi" su$(lus theygene$ate. 3he a(($o($iate allo"ation me"hanism issome )o$m o) "oo(e$ati*e Ge.g. (ubli"ly )inan"e+H($o*ision that $e=a$+s inno*ato$s =hile ma>ing thei$inno*ations )$eely a*ailable B71- 1/<.

any o) so"iety@s most im(o$tant $esou$"es-$anging )$om global "limate stability an+ "lean ene$gyte"hnologies Gin)o$mationH to bio+i*e$sity an+ "$iti"ale"osystem se$*i"es- a$e non5$i*al an+ inhe$ently non5s"a$"e- "hallenging the *e$y +e)inition o) e"onomi"s.ost o) these $esou$"es a$e also inhe$ently non5e;"lu+able so that $ationing a""ess is also im(ossible.

o=e*e$- global so"iety has been st$engtheningintelle"tual ($o(e$ty $ights )o$ +e"a+es- using ($i"es to$ation a""ess to many o) the te"hnologies $e?ui$e+ tosol*e ou$ global ($oblems B1/4. 'o$ e;am(le- i) =e+e*elo( a "lean- e))i"ient- +e"ent$aliFe+ )o$m o) sola$ene$gy- no matte$ ho= mu"h sola$ ene$gy one "ount$y"a(tu$es- the$e =ill be no less )o$ othe$s- an+ thete"hnology itsel) is li>ely to im($o*e th$ough use.Patenting the te"hnology an+ "ha$ging )o$ it =ill$e+u"e use an+ hen"e the (otential )o$ $e+u"ing"limate "hange B71.

I) (eo(le =e$e inhe$ently sel)5inte$este+ an+"om(etiti*e- as ty(i"ally mo+ele+ by o$tho+o; e"o5nomists- then =e =oul+ be )o$"e+ to $ely on e"onomi"institutions that "hannel that beha*io$ to=a$+s the"ommon goo+- su"h as ma$>ets. eha*io$al s"ien"esho=e*e$ sho= that humans a$e "a(able o) "oo(e$ation-an+ "an buil+ institutions that enhan"e ou$ innate($o(ensity )o$ ($o5so"ial beha*io$. %s +is"usse+ abo*e-ma$>ets may a"tually un+e$mine "oo(e$ation.

I) e"onomists ho(e to "ont$ibute to sustainabilitys"ien"e- they must ta>e a s"ienti)i" a(($oa"h toe"onomi"s that buil+s on insights )$om the (hysi"al-li)e- an+ so"ial s"ien"es. Ob6e"ti*e (hysi"al "ha$a"5te$isti"s o) $esou$"es- not i+eology- +ete$mine =hethe$

"om(etiti*e o$ "oo(e$ati*e allo"ation is most e))i"ient.3able 1 b$ie)ly +es"$ibes (otentially suitable me"h5anisms )o$ allo"ating +i))e$ent ty(es o) $esou$"es.Ahile *e$sions o) this table a$e )ai$ly stan+a$+ in thee"onomi" lite$atu$e- most e"onomists t$eat ($oblems$esulting )$om non5e;"lu+ability an+ non5$i*al$y asma$>et )ailu$es- e;te$nalities that shoul+ be inte$5naliFe+ th$ough ma$>et ($i"es. %n e"onomi"s that =asmo$e "onsilient =ith a+*an"es in othe$ )iel+s =oul+instea+ $e"ogniFe that e"onomi" a"ti*ity una*oi+ably+eg$a+es the en*i$onment- en*i$onmental +eg$a+ationis one o) the g$eatest th$eats to human =el)a$e- an+

most en*i$onmental ($oblems ta>e the )o$m o) ($isone$s@ +ilemmas that "an only be sol*e+ th$ough

11



"oo(e$ation. ,"onomi"s shoul+ the$e)o$e st$i*e to+e*elo( the "oo(e$ati*e institutions $e?ui$e+ to sol*e

these ($oblems- an+ aban+on its obsession =ith($i*ate ($o(e$ty an+ ma$>ets.

*able ! #esou$"e Cha$a"te$isti"s an+ thei$ Im(li"ations )o$ %llo"ation.

,;"lu+able Lon5e;"lu+able

#i*al an+ s"a$"e Potential ma$>et goo+s- e.g )oo+- oil-

lan+- "onsume$ goo+s- but =ithine*itable negati*e e;te$nalities- $ulingout Pa$eto e))i"ien"y as a +e"ision tool.#ationing is +esi$able- but ($i"e$ationing o) essential $esou$"es is($oblemati".

O(en a""ess $egimes e.g. abso$(tion

"a(a"ity )o$ g$eenhouse gasseso"eani" )ishe$ies: $ationing is+esi$able- but $e?ui$es "oo(e$ation an+"olle"ti*e a"tion.

#i*al an+abun+antG"lub o$ tollgoo+sH

Club o$ 3oll goo+s e.g. bea"hes- (a$>s:$ationing +esi$able =hen s"a$"ity is ath$eat.

#ationing is +esi$able =hen s"a$"ity isa th$eat- but $e?ui$es "oo(e$ation an+"olle"ti*e a"tion.

Lon5$i*al 3$age+y o) the non5"ommons e.g.(atente+ g$een te"hnologies:$ationing un+esi$able. O(en a""ess ismo$e e))i"ient- but $e?ui$es"oo(e$ation an+ "olle"ti*e a"tion.

Publi" goo+s!o(en a""ess $esou$"ese.g. "limate $egulation- )loo+$egulation- o(en sou$"e in)o$mation:$ationing un+esi$able an+ im(ossible.Coo(e$ati*e ($o*ision is essential.

4.4. Con"lusions

3he$e is little ?uestion that the +is"i(line o) e"onomi"s isin a $a(i+ state o) )lu;. Eea+ing e"onomists at the e+geo) the mainst$eam a$e un+oubte+ly in"o$(o$ating i+eas)$om the s"ien"e o) human beha*io$- (hysi"s an+e"ology- an+ these a$e slo=ly )ilte$ing +o=n into themainst$eam. ,*en i+eas )$om +e"i+e+ly non5mainst$eam)iel+s su"h as e"ologi"al an+ bio(hysi"al e"onomi"s a$ebe"oming mo$e =i+ely a""e(te+. Consilien"e is o"5"u$$ing. n)o$tunately- the$e is less e*i+en"e that thes"ien"es a$e ha*ing mu"h im(a"t on the e"onomi"o$tho+o;y- =hi"h is =i+ely taught to un+e$g$a+uates- o$on the a+*i"e gi*en to (oli"y ma>e$s. Pe$ha(s this is tobe e;(e"te+ ho=e*e$- as a"a+emi" +is"i(lines ten+ toe*ol*e slo=ly.

%t the same time ho=e*e$- the e"onomi" system isalso in an e;t$emely $a(i+ state o) )lu;- an+ its im(a"tson global e"osystems a$e un)ol+ing at an un($e"e+ente+

(a"e. Sin"e the 1/0s- the human (o(ulation has mo$ethan +ouble+- the use o) (et$oleum has nea$ly?ua+$u(le+- an+ e"onomi" a"ti*ity has in"$ease+ by a)a"to$ o) )i)teen. ,"ologi"al im(a"ts ha*e in"$ease+ atthe same (a"e B1. ,"onomists "an no longe$ a))o$+ toigno$e basi" ($in"i(les o) e"ology an+ (hysi"s. Sol*ingthese ($oblems =ill $e?ui$e ne= e"onomi" institutionsbase+ on "oo(e$ation- an+ su"h institutions must bebase+ on +etaile+ >no=le+ge o) human beha*io$. % )e=+e"a+es ago- sto">s =e$e long5te$m in*estments hel+

)o$ yea$s. 3o+ay- they a$e hel+ )o$ se"on+s B1//- 1/.'o$eign "u$$en"y t$ansa"tions use+ to be st$i"tly$egulate+. 3o+ay- annual t$ansa"tions a$e mo$e thant=enty times global KDP B1/7. In "om(le; systems-su"h $a(i+ an+ (o=e$)ul "hanges "an ha*e ($o)oun+im(a"ts- su"h as the )inan"ial "$isis o) 2009- =hi"h"aught most e"onomists "om(letely una=a$e. 3he)inan"ial "$isis un+oubte+ly (ales in "om(a$ison to themo$e slo=ly un=in+ing e"ologi"al "$ises =e no= )a"e.,"onomists "an no longe$ a))o$+ to igno$e the )a"t thatthe e"ologi"al5e"onomi" system is a "om(le;- a+a(ti*esystem sub6e"t to su$($ise an+ eme$gent beha*io$.

,"onomi" theo$y must e*ol*e at least as )ast as thee"onomi" system i) it is to hel( so"iety )a"e 21st "entu$y"hallenges. Ahen un)ol+ing e*ents )alsi)y theo$ies )$ommainst$eam an+ o$tho+o; e"onomi"s- those theo$iesmust be aban+one+. Ae "annot (assi*ely a=ait ($og$essat the e+ge o) e"onomi"s to )ilte$ th$ough to($a"titione$s an+ te;tboo>s o*e$ "oming +e"a+es.

Consilien"e must be agg$essi*ely (u$sue+ as a "o$e($in"i(le o) e"onomi" theo$y.

Acknowledgments

I =oul+ li>e to than> the Ve$mont %g$i"ultu$al,;(e$iment Station at"h P$og$am )o$ the )un+ingne"essa$y to =$ite this a$ti"le. I also =ish toa">no=le+ge the e;t$emely use)ul "omments ma+e byanonymous (ee$ $e*ie=e$s.

12



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