- 17 Mar 2024 06:18
#15308061
Steve Keen: "On the Origins of Energy Blindness" | The Great Simplification #108 || Nate Hagens.
Steve starts with some French proto-economists, who said that "land" is the source of all wealth. Land being the area of solar collectors called wheat and other plants, so we can see energy there with our hindsight. Then Adam Smith in 1776 changed that to "labor" is the source of all wealth. Then in the 1879s they said labor and capital (machines) are the source of wealth. Etc. Note energy was never there and Smith removed what little it may have been seen to be there.
Late in the talk Steve says that a mainstream economists assumed that energy is 4% of GDP, so if Germany lost 50% of the energy it was using because it imported much less from Russia, it would reduce its GDP by just 0.5 X 0.4 = 0.2) =20%. So, bad, but not a big deal.
Remove the [==] to view it.
https://www.you[==]tube.com/watch?v=lrMWSkzrMYg&list=TLPQMTYwMzIwMjTyC26Aax4Gug&index=27
.
Steve starts with some French proto-economists, who said that "land" is the source of all wealth. Land being the area of solar collectors called wheat and other plants, so we can see energy there with our hindsight. Then Adam Smith in 1776 changed that to "labor" is the source of all wealth. Then in the 1879s they said labor and capital (machines) are the source of wealth. Etc. Note energy was never there and Smith removed what little it may have been seen to be there.
Late in the talk Steve says that a mainstream economists assumed that energy is 4% of GDP, so if Germany lost 50% of the energy it was using because it imported much less from Russia, it would reduce its GDP by just 0.5 X 0.4 = 0.2) =20%. So, bad, but not a big deal.
Remove the [==] to view it.
https://www.you[==]tube.com/watch?v=lrMWSkzrMYg&list=TLPQMTYwMzIwMjTyC26Aax4Gug&index=27
.
Last edited by Steve_American on 18 Mar 2024 00:05, edited 1 time in total.