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Economics of Sustainable Development and the Bioeconomy
Author(s) -
Zilberman David,
Gordon Ben,
Hochman Gal,
Wesseler Justus
Publication year - 2018
Publication title -
applied economic perspectives and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.4
H-Index - 49
eISSN - 2040-5804
pISSN - 2040-5790
DOI - 10.1093/aepp/ppx051
Subject(s) - incentive , sustainable development , renewable resource , natural resource economics , renewable energy , economics , business , environmental economics , engineering , ecology , microeconomics , electrical engineering , biology
Sustainable development can be attained by policies that are derived by analyses that integrate biophysical considerations into economic models. We show that policies and incentives that correct market failure can attain sustainable development through enhancing conservation, recycling, the use of renewable resources, and development of the bioeconomy, which relies on biological processes and feedstock to produce renewable products. The design of sustainable development policies and analysis of the bioeconomy pose new challenges to applied economists, who are uniquely qualified to integrate economic analysis with biophysical considerations.