The present economic model of permanent growth is unstable and leads to cycles of growth, peaks and crashes. We are therefore contributing to developing new economic thinking based on knowledge of global resource availability. The AdaptEcon ITN is divided into three parts:
1. Sustainable resource management;
2. Integrated economic systems assessment; and
3. Integrating society and economics
These components will be combined to form an overarching economic model built on socio-environment-technical (SET) system analysis of causal links and feedback structures and system dynamics. A simple prototype of such a model (WORLD) has already been built by the participants and tested on historical data.
The twelve Early Stage Researchers receive training in system analysis, system dynamics, and conventional as well as biophysical economic paradigms. The training ranges from resource availability, links between resources and wealth, the rise of new and/or rediscovered values, realisation of our interdependent world, new development paradigms, political and industrial ecology, and science for sustainable society, to transferable skills.
The WORLD model is described in a recent paper by the AdaptEcon participants: Sverdrup H.U. and Ragnarsdottir K.V. (2014) Natural Resources in a Planetary Perspective. Geochemical Perspectives 3(2), 129-341. (http://www.geochemicalperspectives.org/online/v3n2)