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Engineers, Finance, and IT Pros: Learn 50+ years of Real Economics in only 7 Weeks. Weekly with me. Learn more: apply.stevekeenfree.com OR Join ~10,000 others in downloading my free 'Funny Money' Bundle (2 books, worth ): new.stevekeenfree.com -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers,
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Wealth levels have changed over time. We are more wealthy now than in say 1970. The amount of sunlight has not changed. I do not see the correlation here
Because modernity is living off of 250 million years of stored solar power courtesy of planktonic life. It's called oil and gas. Modernity only knows how to sterilize a system that generated all that and defines our climate, papering over the consequences with 3 calories of fossil fuel for 1 of food grown.
"The formation of oil takes a significant amount of time with oil beginning to form millions of years ago. 70% of oil deposits existing today were formed in the Mesozoic age (252 to 66 million years ago), 20% were formed in the Cenozoic age (65 million years ago), and only 10% were formed in the Paleozoic age (541 to 252 million years ago)." from energy education
@@GhostOnTheHalfShell yes. Harvesting things like oil creates wealth.
@@InventiveHarvest "We are more wealthy now than in say 1970."
hmm🤔
I'm wondering who you refer to with the word "we" ?
My perspective on "wealth" is intimately & inseparably connected to health & quality-of-life,
and my use of "we" typically includes all-Earth-life, occasionally narrowed to human-life.
Communication is supported by common definitions of the words being used, eh?
dreg👁
8 billion people get up every day and create some wealth, i'd hope we'd have accumulated a little of it over the last 50 years
Fossil fuels are stored energy
Economics peaked 3800 years ago and has never surpassed the Babylonians comprehending basic function. This parochial grandstanding and reductionism is pure cringe. Every human culture connected to the land understood they depended on the fertility and fecundity of their soils and landscape. The Greeks knew it. The Romans knew it. Cato, Pliny the Elder, Cicero on and on. They fully understood the quality of soil was existential to civilization. Until the Sun burns itself out in a few billion years, the most advanced efficient survival machine ever evolved, the living skin of the planet, will out live human megalomania.
"Romans recognized that their wealth came from the earth… " Dirt: the erosion of civilization
Great Speech Sir 🫡
"Earth is the planet where we live with Sun and Moon up in the Sky. Our food and all we need to live It gives and gives without asking why" ~ "Welcome Home" song by dreg👁
https://youtu.be/GCUKwt8j6MI?list=PLAB05BD4D73CE8EE5
Cantillon was not a Physiocrat. Actually he died before the Physiocrat school even started. The Physiocrat school of thought was founded July, 1857, some 20 years after Cantillons death, when Francois Quesnay the leader and founder of the school met Victor Riqueti the Marquis de Mirabeau, who was his chief disciple.
Actually Cantillon's understanding of economics as demonstrated by his great 'essai sur la nature du commerce en général' was vastly superior to that of the Physiocrats and Smith. Cantillon was also a fascinating figure himself, who made a vast fortune anticipating the end of a speculative bubble and was murdered under mysterious circumstances.
Cantillon's work no doubt influenced the physiocrats, and Mirabeau was a former follower of Cantillon but it is simply not correct to say that Cantillon was a Physiocrat.
See Rothbard's 'A History of Economic Thought Before Adam Smith' page 365.
Turgot was also not a physiocrat, although he did share some views with them.
Also when they say "land" they don't actually mean "land" like we mean it, but rather "natural resources" including land. Anything that is nature given basically.
Timestamp 5:22. If you want to read Richard Cantillon's Treatise, it's located here… https://cdn.mises.org/An%20Essay%20on%20Economic%20Theory_2.pdf
Without labor all this "free" stuff stays where it is. If you don't harvest the seeds, it stays where nature placed it and the nation is no wealthier. The sun is the source of energy but labor is the source of wealth.
I'm sure what confused the physiocrats is what still seems miraculous today. Plant matter, a solid, is composed almost entirely of gas (CO2) and liquid (H2O), combined without the oxygen to make hydrocarbons and the greater proportion of proteins and lipids. It was natural to assume that it must have been composed of solid material, the soil being its only apparent source.
Wealth – make it, mine it, grow it.