The political economy of the bioeconomy

In this chapter, we show how the evolution of the bioeconomy depends on the interactions between economic and political systems. The concern about climate change, new biotechnology capabilities, and the desire to improve the rural sector's well-being led to the bioeconomy's emergence. The idea of the bioeconomy expanded the farming sector to include energy, chemicals, fiber, and carbon sequestration. The notion of circularity further enhanced the impact of the bioeconomy on pollution control, biodiversity loss, and climate change mitigation. Different political and economic situations may lead to varying definitions of the bioeconomy and policies to address them. The definition of the bioeconomy emphasizes heterogeneity and biodiversity, while in the US, it aims to enhance biotechnology to address energy security and climate change mitigation. There is potential for welfare gain by harmonizing the definition of the bioeconomy and improving science education.