Georgescu-Roegen's Flow-Fund Theory of Production in Retrospect

How should We Operationalize Bioeconomics for Strong Sustainability? Toward a Transdisciplinary and Systemic Approach in Line with a Georgescu-Roegen Epistemology

“…Similarly, humans transform resources into mechanical labor and objects (Bonaiuti, 2011). Nevertheless, G-R confirms that, on earth, the fourth thermodynamic law, for which matter is also subject to irretrievable dissipation, is valid (Couix, 2020;Georgescu-Roegen, 1978;Leff, 2019). In other words, the incoming solar energy flow will not be able to sustain labor (life activities) endlessly because "it is impossible to recycle matter completely" (Mayumi, 2009(Mayumi, , p. 1243.…”

“…See how G-R argues about the "exosomatic evolution" as the typical human evolutionary driver (Georgescu-Roegen, 1975b, 1978. distinct and discrete, a dialectical one is distinct but not in a discrete manner (Couix, 2020;Molesti, 2006;Zamberlan, 2007). Using G-R's words, dialectic concepts' "characteristic feature is that they may overlap with their opposites; their meaning slides into their opposites" (Georgescu-Roegen, 1979, p. 322).…”

“…The first operationalization efforts emerged with the formalization of the fund-flow model (Georgescu-Roegen, 1971). This is the original proposition of G-R, by which he strives to provide a consistent methodological foundation for his bioeconomic production theory (Couix, 2020). With this conceptualization, he offers a rigorous analytical framework to represent production as an activity based on the interplay of funds (agents of production) converting flows (factors of production) within a given period of time.…”

“…Here, funds are considered constant in quality (as aritmomorphic concepts), and no change of quality in the production process occurs. Consequently, no information or innovation flows are accounted (Couix, 2020;Vittucci Marzetti, 2010).…”

“…In his seminal work, he considers economics as informed by superior biophysical assumptions, thus opening alternative perspectives to envision development within planetary boundaries. However, G-R has not succeeded in transforming his epistemological reflection into an operational model (Bonaiuti, 2011;Couix, 2020). This failure to achieve a relevant form of operationalization is present in current work on the bioeconomy 2 (Vivien et al, 2019).…”