Abstract:

Markets must be made "biophilic" - that is, compatible with life flourishing on Earth. To do so, we must abandon prevailing notions of market efficiency and reconceive markets as social evolutionary systems embedded in nature. Such a reconception enables us to see that constraining markets within biophysical boundaries would not result in zero-sum trade-offs with the economy, but instead would drive market evolution to new forms of prosperity.

Citation:

Beinhocker. E.D. (2022). 'Biophilic Markets'. INET Oxford Working Paper No. 2022-12. Forthcoming in Dædalus, the Journal of the American Academy of Arts & Sciences, Winter 2023, 152(1)
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