Economists don't include energy as a factor of production in their standard theories. So when you do, just at the very simple level, even using the same exponents, they use zero instead of being point three. If there's a ten % fall in energy, there will be a 10% fall in g d p - and that is trivial if we try to look at empirical data. It sounds kind of like a religion or a cult, which wouldn't be a problem, except it is the cargo that is ruling and steering the leaders of our world into an abyss. The wayt a, you and i see it, that's right.
On this episode, we meet with Economist, Author, and Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London, Steve Keen.
Keen discusses how mainstream economics misses the centrality of energy to our economy and to our futures, the naive treatment to the risks of money and debt creation, and the disconnect economic theory has to climate change risks.
About Steve Keen:
Steve Keen is an economist, author of Debunking Economics and The New Economics: A Manifesto, a Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London.
For Show Notes and Transcript visit: https://www.thegreatsimplification.com/episode/30-steve-keen