Steve Keen: “Mythonomics”
The Great Simplification with Nate Hagens
00:00
Energy and the Cob Douglas General Equilibrium Model
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.
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