@rustneversleepz @ProfSteveKeen @RichardTol Well, economists should be system thinkers & have a deep understanding of all aspects of the natural world (i.e. not limited to the narrow scope of human-created markets). But somehow, mainstream economists are our most blind members of society!

1/9

@rustneversleepz @ProfSteveKeen @RichardTol 2/9 Just a few things mainstream economics gets wrong:

mostly conflating the role of technology with the role of energy:

@rustneversleepz @ProfSteveKeen @RichardTol 3/9 Assuming that low resource prices mean low dependence on said resources:

@rustneversleepz @ProfSteveKeen @RichardTol 4/9 Seeing any negative effect outside of market relations as "externalities" when our biggest issues are 𝘪𝘯𝘵𝘦𝘳𝘯𝘢𝘭 to the way our economies work.

@rustneversleepz @ProfSteveKeen @RichardTol 5/9 Completely ignoring the financial system and supposing that any resource scarcity can always be overcome by substitution.

@rustneversleepz @ProfSteveKeen @RichardTol 6/9 Assuming that GDP growth is both the most important and most desirable aspect of any economic system.
@rustneversleepz @ProfSteveKeen @RichardTol 7/9 𝘌𝘢𝘤𝘩 𝘰𝘯𝘦 of these "assumptions" are so fundamentally flawed that 𝘦𝘢𝘤𝘩 𝘰𝘯𝘦 𝘰𝘯 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯 can bring down civilization and in general all life on Earth. Now don't hold your breath when you combine all of them. And there are many more.
@rustneversleepz @ProfSteveKeen @RichardTol 9/9 So sorry, I have an econ major too and don’t think I should take back this assertion:

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More from @gordonschuecker

5 Jul
Paper Notes | The Appallingly Bad Neoclassical Economics of Climate Change

by @ProfSteveKeen

The subprime moment for Neoclassical economics and how citing/quoting Nordhaus became a liability.

patreon.com/posts/appallin…

1/44
2/44 TL;DR, here is @ProfSteveKeen summarizing the findings of his paper in ~17min:



(Link starts at the right time, though the 1st part also provides great educational and entertainment value, i.e. a more general destruction of Neoclassical eCON.)
3/44 Spoiler alert:

"Given the impact that economists have had on public policy towards climate change, and the immediacy of the threat we now face from climate change, this work could soon be exposed as the most significant and dangerous hoax in the history of science."
Read 48 tweets
23 May
Paper Notes | Economics for the future – Beyond the superorganism

by @NJHagens

sciencedirect.com/science/articl…

Holistic take on economics, energy, ecosystems, finance, society and much more. I.e.:

"Realize that everything connects to everything else."
― Leonardo da Vinci.

1/60 Image
2/60 Abstract:

"At global scales, the emergent result of this combination is a mindless, energy hungry, CO2 emitting Superorganism. Under this dynamic we are now behaviorally 'growth constrained' and will use any means possible to avoid facing this reality." Image
3/60 And now following more or less the entire paper which I obviously recommend reading "cover to cover".

TL;DR, here are the 4 most important charts. I do not agree with everything and spoiler alert from the paper's conclusion: we need to completely restructure our societies. ImageImageImageImage
Read 61 tweets
5 May
A thread on energy return on energy invested (EROI), why it is important and how it looks like for fossil fuels vs renewables.

Without energy, there is no economy or as @ProfSteveKeen puts it:

"Labor without energy is a corpse, capital without energy is a sculpture." 1/20
2/20 In fact, energy consumption and GDP are highly correlated for the world as a whole. And correlation 𝘪𝘴 causation here.

(C.f. some more quotes from

ncbi.nlm.nih.gov/pubmed/20146764

and how the crash in '08 was likely largely due to the oil price spike).
3/20 "EROI describes how much energy is gained from an energy production process compared to how much of that energy (or its equivalent from some other source) is required to extract, grow, etc., a new unit of the energy in question."

Read 20 tweets

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