Economic profitability versus ecological entropy

Authors
Citation
Ml. Weitzman, Economic profitability versus ecological entropy, Q J ECON, 115(1), 2000, pp. 237-263
Citations number
13
Categorie Soggetti
Economics
Journal title
QUARTERLY JOURNAL OF ECONOMICS
ISSN journal
00335533 → ACNP
Volume
115
Issue
1
Year of publication
2000
Pages
237 - 263
Database
ISI
SICI code
0033-5533(200002)115:1<237:EPVEE>2.0.ZU;2-Z
Abstract
There is a long-standing trade-off in bioculture between concentrating on h igh-yield varieties and maintaining sufficient diversity to lower the risks of catastrophic infection. The paper uses a simple ecology-based model of endogenous disease to indicate how a local decision to plant more of a wide ly grown crop creates negative externalities by increasing the probability that new pathogens will evolve to attack the crop globally. Society's basic issue concerns where to locate on an efficiency frontier between economic profitability and a standard formula for ecological entropy-proved here to be a rigorous measure of "generalized resistance'' to crop-ecosystem failur e.