Turkish gas hub supplied by Russia to replace Nord Stream. The energy scene is hotting up.
India Punchline
Russia’s homage to Nord Stream pipelines
M.K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador.
See also
EU foreign-policy chief Josep Borrell confessed the West’s neoliberal economic model was “based on cheap energy coming from Russia,” “access to the big China market,” and low-paid Chinese workers. Europe has now lost that, and is thus in crisis....Anyone taking bets on how long the governments in Europe will la…
I was about to make a comment that energy doesn't even show up in production functions, and then I ran across this Forbes article by Steve Keen which I have not read in its entirety (bold mine):
ReplyDeleteIncorporating Energy Into Production Functions
In my last post on my Debtwatch blog, I finished by saying that the Physiocrats were the only School of economics to properly consider the role of energy in production. They ascribed it solely to agriculture exploiting the free energy of the Sun, and specifically to land, which absorbed this free energy and stored it in agricultural products. As Richard Cantillon put it in 1730:
Further down the page:
A potential way to achieve this is to accept that the whole idea of “labour” and “capital” without energy is a farce: labour without energy is a corpse, and capital without energy is a sculpture.