Peak-Oil and ecological economics

The concept of Peak-Oil refers to a complex energy phenomenon framed by the interaction of a diversity of constraints that limit flow rates of oil to society both in quantity as well as in quality. Ecological economic theory is essential for understanding the relevance of resource peaks, because substitution of low entropy matter and energy is limited. Key resources like oil create use dependencies and as a result become difficult or impossible to replace in the quantity and quality required by our current industrial economic system. Moreover social ecological economics, with its concept of expanding commodity frontiers and environmental conflicts, directs the research to analyse the usually neglected environmental and social costs of resource peaks.