by Summary:
Mainstream economics is like a ship lost at sea. It sails on the waves of outdated theories. Energy is the wind that fills its sails. Without it, the ship drifts aimlessly. Labor without energy is like a car without fuel. It won't move. Capital becomes a mere decoration. A beautiful sculpture, but utterly useless. Mainstream economists cling to their models. They believe these models represent reality. But reality is a complex web of energy flows. Imagine trying to bake a cake without heat. You can mix the ingredients all you want. But without energy, it remains a gooey mess. Economics needs a recipe that includes energy. It’s the essential ingredient for growth and productivity. Ignoring energy is like ignoring gravity. You can theorize about flying, but
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Steve Keen considers the following as important:
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Mainstream economics is like a ship lost at sea. It sails on the waves of outdated theories. Energy is the wind that fills its sails. Without it, the ship drifts aimlessly. Labor without energy is like a car without fuel. It won't move. Capital becomes a mere decoration. A beautiful sculpture, but utterly useless. Mainstream economists cling to their models. They believe these models represent reality. But reality is a complex web of energy flows. Imagine trying to bake a cake without heat. You can mix the ingredients all you want. But without energy, it remains a gooey mess. Economics needs a recipe that includes energy. It’s the essential ingredient for growth and productivity. Ignoring energy is like ignoring gravity. You can theorize about flying, but
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Bill Haskell writes From the Middle Out and Bottom Up
Joel Eissenberg writes The business model of modern universities
Bill Haskell writes The Economics of Killing Medicaid . . .
Angry Bear writes Healthcare in the United States
| Mainstream economics is like a ship lost at sea. It sails on the waves of outdated theories. Energy is the wind that fills its sails. Without it, the ship drifts aimlessly. Labor without energy is like a car without fuel. It won't move. Capital becomes a mere decoration. A beautiful sculpture, but utterly useless. Mainstream economists cling to their models. They believe these models represent reality. But reality is a complex web of energy flows. Imagine trying to bake a cake without heat. You can mix the ingredients all you want. But without energy, it remains a gooey mess. Economics needs a recipe that includes energy. It’s the essential ingredient for growth and productivity. Ignoring energy is like ignoring gravity. You can theorize about flying, but you’ll hit the ground hard. Energy drives innovation. It powers industries. When we integrate energy into economic models, we see the truth. The economy is not just numbers on a page. It’s a living system, fueled by energy. Without understanding this, we’re blindfolded. We stumble through a dark room, bumping into walls. It’s time to turn on the lights. Let’s embrace the reality of energy in economics. Only then can we navigate toward a sustainable future. |
Unfortunately, the Democratic Socialist Party leadership is deliberately sustaining in their constituents a delusional and grossly ignorant fantasy view. Feelings supplant reality. And the level of corruption in this world and our nation confounds corrective adjustment of that irrationality.
Wait. Economists don't already do this?
Economics only cares about rentier transactions.
Steve is great for quantifying an unworkable system, but even he means to ride the face eating leopard.
otherwise it's clear is it not, depopulation is the order of the day, for the Invincible Ignorance to borrow some words
Definitely his trademarked phrase
Energy is foundational. We saw the economy radically change with steam power and again with electricity and combustion. We’re on the cusp of seeing it change again with solar and batteries. I would recommend reading/watching Tony Seba/RethinkX to understand where we’re heading.
The solution is not found in quantifying a system existentially tied to growth and that to energy expansion. That’s just quantifying blood loss as the patient dies.