Neo‐classical utility theory has withstood several decades of sustained criticism. Its success has been due (1) to the ability of the theory to represent an essentially non‐analytical process by analytical methods, and (2) to the fact that the theory was developed for, and applied to,...

The description “bio‐economics” is currently being claimed by two opposing schools of thought. For one group of economists, led by Kenneth Boulding, Herman Daly and Nicholas Georgescu‐Roegen, the term is chosen to emphasise the biological foundations of our economic activity. They remind...