Dr. Steve Keen Profile picture
Help me build a new economics by supporting me on either Patreon or Substack. Debunking Economics, Minsky.
Tim Smith 🇪🇺 Profile picture 1 subscribed
Oct 11, 2021 7 tweets 7 min read
@KaiGehring1 @TOClimates @MaxCRoser Sorry Kai. I’m just beyond frustrated by the tendency of economists to ignore the impossibility of production without energy, and their ignorance of just how close we are to exhausting the planet’s stocks of vital inputs to production. To flesh out why: /1 @KaiGehring1 @TOClimates @MaxCRoser (A) Energy. The Cobb Douglas Production Function dominates economic modelling now: L&K in, Y out; no role for energy. When it's included (eg Engström & Gars 2016) it's a 3rd factor in the CDPF with an exponent based on income shares of 0.03. That means, for example, that /2 ImageImage