Evolving Economic Thought: Energy, Value, and Historical Insights

This chapter explores the historical evolution of economic thought, particularly focusing on the physiocrats' insights into energy's role in wealth creation and the transition from feudalism to capitalism. It critiques classical and neoclassical theories, emphasizing the misclassification of economic sectors and the overlooked influence of energy in defining value. The discussion also contrasts the perspectives of key figures like Adam Smith and Marx, examining their contributions and the resulting implications for the understanding of labor and economic systems.