Friday, August 19, 2016

Steve Keen — Incorporating energy into production functions


Economics ignores energy, which is arguably the primary factor. This is something I noticed long ago as a deficiency, probably because I am not an economist and was not trained to ignore the obvious. 

This is a post on the history of economics and where it went off the rails. Steve suggests what to do about this.

Steve Keen's Debtwatch

4 comments:

Matt Franko said...

LOL Tom it just doesnt only apply to energy...

Tom Hickey said...

No energy conversion, no change. Energy and its dynamics are the bottom line of the universe. Science is largely about accounting based on energy. All equations balance.

Bob said...

*cough* Technocracy *cough*

Postkey said...

Hm.