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Integrating Perspectives > Economic system > Flashcards

Economic system Flashcards

1
Q

When it comes to the post industrial shift of economies

A

some countries are still at the beginning. Their shift will happen differently then ours
(Already moving towards the city, but not because of job availability)

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2
Q

Most important part is the …. (economic system)

A

physical resource chain

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3
Q

Important factors for the resource chain

A
  • resources are a limiting factor to growth
  • “real” prices (so including environmental effects), tax, etc
  • Ability to substitute is important to continue growth
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4
Q

… of resources is …. (economic system)

A

importing

displacing the problem

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5
Q

unless society and income stabelize

A

there is a chance it will lead to overshoot and collapse

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6
Q

Some of the environmental pollution can be solved by

A

cleaning and treating welfare diseases

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7
Q

3 ways to prevent doomsday scenario

A

1) a backstop resource that can substitute and has unlimited supply
2) a technology that can do economic activity at vanishing resources
3) change lifestyle

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8
Q

weak sustainability

A

complete substitution by technology

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9
Q

strong sustainability

A

limited substitution options. (Must be mostly done by using resources responsible and efficient.)

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10
Q

3 factors for a strong SD community (economic)

A
  • resilience
  • efficiency
  • sufficiency
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11
Q

Economic growth loop by smit

A

Growth of income -> specialisation -> growth of market -> growth of income -> etc.

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12
Q

Malthus … with the economic growth loop created by smit because

A

disagreed

the fact that resources were finite was not taken into account

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13
Q

Malthus did not take the power of … into account in his model, ….

A

technology and money.

Yield would increase and population growth rate would decrease. (He only saw overexploitation and collapse)

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14
Q

the determinant of economic growth

A

technology

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15
Q

No longer is the determinant of economic growth

A
  • resource limits
  • capital accumulation
  • labour substitution
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16
Q

Input/output tables (economic)

A

primary inputs are labor, capital and intermediate deliveries.

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17
Q

Intermediate deliveries (economic)

A

they will get converted to something that is final demand

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18
Q

investments in technologies are often based on

A

pay back period

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19
Q

3 types of potential (economic)

A
  • theoretical
  • technical
  • economic
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20
Q

Transaction costs

A

costs from doing research, surveying, maintenance, etc.

Are often not taken into account in installation calculations

21
Q

Why are efficiency investments often not made?

A
  • Too long pbp

- Too high transaction costs

22
Q

GDP

A

gross domestic product

23
Q

Why is GDP a bad welfare indicator?

A

1) it includes expenses like military and cleaning pollution that say nothing about wellbeing
2) it does not include stocks like resources, therefore depletion and future effects are not in the GDP
3) it excludes trade in products (leading to underestimation)
4) it excludes household activities that are part of life

24
Q

The political system needs to change

A

pro actively

25
Q

sustainability issues are often about (economics)

A

behavior of humans in the face of scarcity

26
Q

economics is expanding on it’s topics and methods to include things like…

A

resource management and other environmental topics

27
Q

limits to growth

A

the limits will show up through depletion and pollution

28
Q

New growth scenario’s show (economics)

A

scenarios of overshoot and collapse as well as stabilization

29
Q

In the growth scenario’s, we are missing 2 things:

A
  • influence of price

- influence of technologies

30
Q

Influence of price

A

when prices rise, we will get smarter

time for adaptation and finding alternatives that will have lower prices

31
Q

Economics from system perspective

A

population and productivity loop

32
Q

Economist think

A

that economic growth is the most important thing needed to live

33
Q

in science, economy is seen as

A

a part whose exergy can be used

34
Q

alternative view on economy

A

monetary value is the most important part of economy, with industry and services at it’s core.

(all other parts like the financial system, ecosystem services etc. don’t play a role)

35
Q

Commercializing household activities

A

would contribute to economic growth

36
Q

shadow economy

A
  • can add a large part to the economy

- is illegal

37
Q

A high shadow economy

A

is not good because it means that a large part of the transactions are all illegal.
(so no tax is payed…)

38
Q

The size of ecosystem loss and home farming (economic)

A

are both around the size of global GDP

39
Q

GDP is

A

what we add in terms of value to what nature provides for free.

40
Q

GDP is increased by

A
  • labor
  • knowledge
  • entrepreneurial skill
41
Q

nature is never discussed as a (economics)

A

a source of resources or as a sink

42
Q

all official institutions expect (economics)

A

a doubling of GDP of the next 20 years

43
Q

Recipe for economic growth

A
  • scaling up (learning rate)
44
Q

main point of R&D

A

reducing labor needed for creating of products

R&D is hardly ever about energy and resource input because the largest costs come from labor

45
Q

A theory says that sustainable growth can be reached (economic)

A

through working less and having more time to spend money

higher consumption can lead to more sustainability problems

46
Q

From money to physical materials

monetary and physical flows

A
  • capital resource substitution

- input/output formalism

47
Q

capital resource substitution

A

a function where capital and labor can replace eachother

48
Q

input/output formalism

A

method where you want to account for the fact that when you buy something, the energy use from the whole economy can be analyzed for that product

Integrating Perspectives (17 decks)

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