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Unlearning Economics: Jon Erickson, Josh Farley, Steve Keen, & Kate Raworth | Reality Roundtable #03

The Great Simplification with Nate Hagens

CHAPTER

The Second Law of Thermodynamics

The physio-crats, they said all wealth comes from nature. They didn't realize it because they were saying it before we invented the word energy. So that gives you the whole external to internal waste is inevitable. And then a huge part of what me and classical saying, we've got this perfect system, getting marginal cost and marginal benefits right. Let's infuse that and the rest of society. You're making the opposite case and say, maybe we should infuse concepts from other forms of interpersonal and physical relations which occur inside the family as well to the rest and see how that benefits. That's economic theory as it stands at the moment.

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