User:Gaeanautes/Risk, Pessimism & Collapse

Global catastrophic risk

#Potential sources of risk > #Anthropogenic > #Global warming, #Ecological disaster, ...

Mineral resource exhaustion

Romanian American economist Nicholas Georgescu-Roegen, a progenitor in economics and a paradigm founder of ecological economics, has argued that the carrying capacity of Earth — that is, Earth's capacity to sustain human populations and consumption levels — is bound to decrease sometime in the future as Earth's finite stock of mineral resources is presently being extracted and put to use; and consequently, that the world economy as a whole is heading towards an inevitable future collapse, leading to the demise of human civilisation itself.^[1]: 303f Ecological economist and steady-state theorist Herman Daly, a student of Georgescu-Roegen, has propounded the same argument by asserting that "... all we can do is to avoid wasting the limited capacity of creation to support present and future life [on Earth]."^[2]: 370

Ever since Georgescu-Roegen and Daly published these views, various scholars in the field have been discussing the existential impossibility of distributing Earth's finite stock of mineral resources evenly among an unknown number of present and future generations. This number of generations is likely to remain unknown to us, as there is little way of knowing in advance if or when mankind will eventually face extinction. In effect, any conceivable temporal distribution is bound to end up with universal economic decline at some future point.^{[3]: 253–256  [4]: 165  [5]: 168–171  [6]: 150–153  [7]: 106–109  [8]: 546–549  [9]: 142–145}

References

1. Georgescu-Roegen, Nicholas (1971). The Entropy Law and the Economic Process (Full book accessible in three parts at SlideShare). Cambridge, Massachusetts: Harvard University Press. ISBN 0674257804.
2. Daly, Herman E., ed. (1980). Economics, Ecology, Ethics. Essays Towards a Steady-State Economy (PDF contains only the introductory chapter of the book) (2nd ed.). San Francisco: W.H. Freeman and Company. ISBN 0716711788. {{cite book}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
3. Rifkin, Jeremy (1980). Entropy: A New World View (PDF contains only the title and contents pages of the book). New York: The Viking Press. ISBN 0670297178.
4. Boulding, Kenneth E. (1981). Evolutionary Economics. Beverly Hills: Sage Publications. ISBN 0803916485.
5. Martínez-Alier, Juan (1987). Ecological Economics: Energy, Environment and Society. Oxford: Basil Blackwell. ISBN 0631171460.
6. Gowdy, John M.; Mesner, Susan (1998). "The Evolution of Georgescu-Roegen's Bioeconomics" (PDF). Review of Social Economy. 56 (2). London: Routledge: 136–156. doi:10.1080/00346769800000016.
7. Schmitz, John E.J. (2007). The Second Law of Life: Energy, Technology, and the Future of Earth As We Know It (Author's science blog, based on his textbook). Norwich: William Andrew Publishing. ISBN 0815515375.
8. Kerschner, Christian (2010). "Economic de-growth vs. steady-state economy" (PDF). Journal of Cleaner Production. 18. Amsterdam: Elsevier: 544–551. doi:10.1016/j.jclepro.2009.10.019.
9. Perez-Carmona, Alexander (2013). "Growth: A Discussion of the Margins of Economic and Ecological Thought". In Meuleman, Louis, ed. (ed.). Transgovernance. Advancing Sustainability Governance. Heidelberg: Springer. pp. 83–161. doi:10.1007/978-3-642-28009-2_3. ISBN 9783642280085. {{cite book}}: |editor-first= has generic name (help); |format= requires |url= (help)CS1 maint: multiple names: editors list (link)

Pessimism

#Technological and environmental > ...

Entropy pessimism

See also: Heat death of the universe, Nicholas Georgescu-Roegen § The relevance of thermodynamics to economics, and Ecological economics § Methodology

Natural resources flow through the economy and end up as waste and pollution.

'Entropy pessimism' represents a special case of technological and environmental pessimism, based on thermodynamic principles.^[1]: 116 According to the first law of thermodynamics, matter and energy is neither created nor destroyed in the economy. According to the second law of thermodynamics — also known as the entropy law — what happens in the economy is that all matter and energy is transformed from states available for human purposes (valuable natural resources) to states unavailable for human purposes (valueless waste and pollution). In effect, all of man's technologies and activities are only speeding up the general march against a future planetary 'heat death' of degraded energy, exhausted natural resources and a deteriorated environment — a state of maximum entropy locally on Earth; 'locally' on Earth, that is, when compared to the heat death of the universe, taken as a whole.

The term 'entropy pessimism' was coined to describe the work of Romanian American economist Nicholas Georgescu-Roegen, a progenitor in economics and a paradigm founder of ecological economics.^[1]: 116 Georgescu-Roegen made extensive use of the entropy concept in his magnum opus on The Entropy Law and the Economic Process.^[2] Since the 1990s, leading ecological economist and steady-state theorist Herman Daly — a student of Georgescu-Roegen — has been the economists profession's most influential proponent of entropy pessimism.^{[3] [4]: 545}

Among other matters, the entropy pessimism position is concerned with the existential impossibility of distributing Earth's finite stock of mineral resources evenly among an unknown number of present and future generations. This number of generations is likely to remain unknown to us, as there is little way of knowing in advance if or when mankind will eventually face extinction. In effect, any conceivable temporal distribution is bound to end up with universal economic decline at some future point.^{[5]: 369–371  [6]: 253–256  [7]: 165  [8]: 168–171  [9]: 150–153  [10]: 106–109  [4]: 546–549  [11]: 142–145}

Entropy pessimism is a widespread view in ecological economics and in the degrowth movement.

References

1. Ayres, Robert U. (2007). "On the practical limits to substitution" (PDF). Ecological Economics. 61. Amsterdam: Elsevier: 115–128. doi:10.1016/j.ecolecon.2006.02.011.
2. Georgescu-Roegen, Nicholas (1971). The Entropy Law and the Economic Process (Full book accessible in three parts at SlideShare). Cambridge, Massachusetts: Harvard University Press. ISBN 0674257804.
3. Daly, Herman E. (2015). "Economics for a Full World". Great Transition Initiative. Retrieved 23 November 2016.
4. Kerschner, Christian (2010). "Economic de-growth vs. steady-state economy" (PDF). Journal of Cleaner Production. 18. Amsterdam: Elsevier: 544–551. doi:10.1016/j.jclepro.2009.10.019.
5. Daly, Herman E., ed. (1980). Economics, Ecology, Ethics. Essays Towards a Steady-State Economy (PDF contains only the introductory chapter of the book) (2nd ed.). San Francisco: W.H. Freeman and Company. ISBN 0716711788. {{cite book}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
6. Rifkin, Jeremy (1980). Entropy: A New World View (PDF contains only the title and contents pages of the book). New York: The Viking Press. ISBN 0670297178.
7. Boulding, Kenneth E. (1981). Evolutionary Economics. Beverly Hills: Sage Publications. ISBN 0803916485.
8. Martínez-Alier, Juan (1987). Ecological Economics: Energy, Environment and Society. Oxford: Basil Blackwell. ISBN 0631171460.
9. Gowdy, John M.; Mesner, Susan (1998). "The Evolution of Georgescu-Roegen's Bioeconomics" (PDF). Review of Social Economy. 56 (2). London: Routledge: 136–156. doi:10.1080/00346769800000016.
10. Schmitz, John E.J. (2007). The Second Law of Life: Energy, Technology, and the Future of Earth As We Know It (Author's science blog, based on his textbook). Norwich: William Andrew Publishing. ISBN 0815515375.
11. Perez-Carmona, Alexander (2013). "Growth: A Discussion of the Margins of Economic and Ecological Thought". In Meuleman, Louis, ed. (ed.). Transgovernance. Advancing Sustainability Governance. Heidelberg: Springer. pp. 83–161. doi:10.1007/978-3-642-28009-2_3. ISBN 9783642280085. {{cite book}}: |editor-first= has generic name (help); |format= requires |url= (help)CS1 maint: multiple names: editors list (link)

Collapse

Societal collapse > #Theories > #Linking social/environmental dynamics, ...
Population pressure and mineral resource exhaustion
+
Economic collapse > #Alternative theories of economic collapse > #Austrian school, #Georgism explanation, ...
Georgescu-Roegen's theory of Earth's ever decreasing carrying capacity

Romanian American economist Nicholas Georgescu-Roegen, a progenitor in economics and the paradigm founder of ecological economics, has argued that the carrying capacity of Earth — that is, Earth's capacity to sustain human populations and consumption levels — is bound to decrease sometime in the future as Earth's finite stock of mineral resources is presently being extracted and put to use; and consequently, that the world economy as a whole is heading towards an inevitable future collapse, leading to the demise of human civilisation itself.^[1]

Georgescu-Roegen is basing his pessimistic prediction on the two following considerations:

• According to his ecological view of 'entropy pessimism', matter and energy is neither created nor destroyed in man's economy, only transformed from states available for human purposes (valuable natural resources) to states unavailable for human purposes (valueless waste and pollution). In effect, all of man's technologies and activities are only speeding up the general march against a future planetary 'heat death' of degraded energy, exhausted natural resources and a deteriorated environment — a state of maximum entropy on Earth.
• According to his social theory of 'bioeconomics', man's economic struggle to work and earn a livelihood is largely a continuation and extension of the biological struggle to sustain life and survive. This struggle manifests itself as a permanent social conflict that can be eliminated neither by man's decision to do so nor by the social evolution of mankind. Consequently, we are biologically unable to restrain ourselves collectively on a permanent and voluntary basis for the benefit of unknown future generations; the pressure of population on Earth's resources will nothing but increase.

Taken together, the Industrial Revolution in Britain in the second half of the 18th century has unintentionally thrust man's economy into a long, never-to-return overshoot-and-collapse trajectory with regard to the Earth's mineral stock. The world economy will continue growing until its inevitable and final collapse in the future. From that point on, ever deepening scarcities will aggravate social conflict throughout the globe and ultimately spell the end of mankind itself, Georgescu-Roegen conjectures.

Georgescu-Roegen was the paradigm founder of ecological economics and is also considered the main intellectual figure influencing the degrowth movement. Consequently, much work in these fields is devoted to discussing the existential impossibility of distributing Earth's finite stock of mineral resources evenly among an unknown number of present and future generations. This number of generations is likely to remain unknown to us, as there is little way of knowing in advance if or when mankind will eventually face extinction. In effect, any conceivable intertemporal distribution of the stock will inevitably end up with universal economic decline at some future point.^{[2]: 369–371  [3]: 253–256  [4]: 165  [5]: 168–171  [6]: 150–153  [7]: 106–109  [8]: 546–549  [9]: 142–145}

References

1. Georgescu-Roegen, Nicholas (1971). The Entropy Law and the Economic Process (Full book accessible in three parts at SlideShare). Cambridge, Massachusetts: Harvard University Press. ISBN 0674257804.
2. Daly, Herman E., ed. (1980). Economics, Ecology, Ethics. Essays Towards a Steady-State Economy (PDF contains only the introductory chapter of the book) (2nd ed.). San Francisco: W.H. Freeman and Company. ISBN 0716711788. {{cite book}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
3. Rifkin, Jeremy (1980). Entropy: A New World View (PDF contains only the title and contents pages of the book). New York: The Viking Press. ISBN 0670297178.
4. Boulding, Kenneth E. (1981). Evolutionary Economics. Beverly Hills: Sage Publications. ISBN 0803916485.
5. Martínez-Alier, Juan (1987). Ecological Economics: Energy, Environment and Society. Oxford: Basil Blackwell. ISBN 0631171460.
6. Gowdy, John M.; Mesner, Susan (1998). "The Evolution of Georgescu-Roegen's Bioeconomics" (PDF). Review of Social Economy. 56 (2). London: Routledge: 136–156. doi:10.1080/00346769800000016.
7. Schmitz, John E.J. (2007). The Second Law of Life: Energy, Technology, and the Future of Earth As We Know It (Author's science blog, based on his textbook). Norwich: William Andrew Publishing. ISBN 0815515375.
8. Kerschner, Christian (2010). "Economic de-growth vs. steady-state economy" (PDF). Journal of Cleaner Production. 18. Amsterdam: Elsevier: 544–551. doi:10.1016/j.jclepro.2009.10.019.
9. Perez-Carmona, Alexander (2013). "Growth: A Discussion of the Margins of Economic and Ecological Thought". In Meuleman, Louis, ed. (ed.). Transgovernance. Advancing Sustainability Governance. Heidelberg: Springer. pp. 83–161. doi:10.1007/978-3-642-28009-2_3. ISBN 9783642280085. {{cite book}}: |editor-first= has generic name (help); |format= requires |url= (help)CS1 maint: multiple names: editors list (link)