An Exploratory Model to Investigate the Dynamics of the World Energy System: A Biophysical Economics Perspective

TL;DRAbstract

Energy is inherent part of our current life. No one can imagine living without it. It has changed the lifestyle of people and it will continue to do so in future. About 80% of current global total primary energy supply belongs to non-renewable resources. It is also expected that non-renewable resources dominate in total primary energy supply in next decades. The world is moving towards scarcity in non-renewable energy resources. Most studies about the world energy-economy system use standard economic theories. These theories do not include limitations of natural resources and the environment. Biophysical economics theory considers the relation between economy and natural resources. It has been used as the basis of various energy-economy models. However, those models have a global view on this system. They do not sufficiently provide insights into the properties and international trading behaviors of energy suppliers and consumers. So, they do not provide insight on the effects of these

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