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Keen 2018 Masters Lecture 01 Thermodynamics And Value Theory

Summary:
Economic theories of all persuasions have ignored the role of energy in production ever since Adam Smith’s Wealth of Nations was published, yet at the same time have attempted to answer the question of where the physical surplus of outputs over inputs (or the increase in utility caused by production) has come from. This lecture ...

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Economic theories of all persuasions have ignored the role of energy in production ever since Adam Smith’s Wealth of Nations was published, yet at the same time have attempted to answer the question of where the physical surplus of outputs over inputs (or the increase in utility caused by production) has come from. This lecture gives an overview of the basics of the relationship between energy and useful work, and argues that the economic theory of value has to start from acknowledging the role of energy, exergy and entropy.


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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