by Summary:
Only one school of economic thought came close to getting the relationship between energy and economics right: the Physiocrats. I give a basic outline of thermodynamics, then explain why any theory of production which doesn’t acknowledge the fundamental role of energy in creating economic value is wrong–including the “Marxian” labor theory of value. I then ...
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Only one school of economic thought came close to getting the relationship between energy and economics right: the Physiocrats. I give a basic outline of thermodynamics, then explain why any theory of production which doesn’t acknowledge the fundamental role of energy in creating economic value is wrong–including the “Marxian” labor theory of value. I then ...
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Steve Keen considers the following as important:
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