An economic model that includes energy

An economic model that includes energy

Economics is still built around the age-old factors of production – land, labour, capital and, perhaps, entrepreneurship. Yet, you can’t run machines without power and you can’t expect workers to function without food. So why isn’t energy implicitly included as one of the key functions of the economy? Clearly it should be. In today’s Debunking Economics podcast Professor Steve Keen explains how he is working with climatologist Tim Garrett and mathematician Matheus Grasselli to develop a new model, one that reflects the importance of energy in the functioning of an economy and the limits it places on global growth.

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Avsnitt(514)

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23 Juni 48min

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17 Juni 45min

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10 Juni 44min

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This week Phil challenges Steve on how the futures market handles terminal risk, pointing out that oil prices slope downward over time simply because traders blindly assume the Strait of Hormuz will r...

20 Maj 38min

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