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Energy and the Wealth of Nations: An Introduction to Biophysical Economics 2nd ed. 2018 Edition
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For the past 150 years, economics has been treated as a social science in which economies are modeled as a circular flow of income between producers and consumers. In this “perpetual motion” of interactions between firms that produce and households that consume, little or no accounting is given of the flow of energy and materials from the environment and back again. In the standard economic model, energy and matter are completely recycled in these transactions, and economic activity is seemingly exempt from the Second Law of Thermodynamics. As we enter the second half of the age of oil, when energy supplies and the environmental impacts of energy production and consumption are likely to constrain economic growth, this exemption should be considered illusory at best. This book is an essential read for all scientists and economists who have recognized the urgent need for a more scientific, empirical, and unified approach to economics in an energy-constrained world, and serves as an ideal teaching text for the growing number of courses, such as the authors’ own, onthe role of energy in society.
- ISBN-103319662171
- ISBN-13978-3319662176
- Edition2nd ed. 2018
- PublisherSpringer
- Publication dateMarch 20, 2018
- LanguageEnglish
- Dimensions8.25 x 1.25 x 10.5 inches
- Print length522 pages
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Editorial Reviews
Review
“This second edition of Energy and the Wealth of Nation succeeds in covering both an enormously heterogenous selection of material while remaining utterly accessible. … this textbook would be very useful for first- and second-year undergraduates, and also an excellent reference for upper years and indeed any person wishing to get an accessible introduction to the main concepts and analysis of biophysical economics.” (Martin Sers, Journal of Environmental Studies and Sciences, Vol. 10, 2020)
“This textbook has constructed an excellent approach on how to better understand economies and natural systems, and their interactions. … this book functions as a valuable academic discussion, as well as a starting point for the economic uninitiated. It has the potential to be an effective textbook for institutions looking to advance their economic teaching past the mainstream model and to seriously incorporate sustainable thinking into their teaching of economics.” (Aaron Grinter, Economic Record, Vol. 95 (308), March, 2019)
From the Back Cover
For the past 150 years, economics has been treated as a social science in which economies are modeled as a circular flow of income between producers and consumers. In this “perpetual motion” of interactions between firms that produce and households that consume, little or no accounting is given of the flow of energy and materials from the environment and back again. In the standard economic model, energy and matter are completely recycled in these transactions, and economic activity is seemingly exempt from the Second Law of Thermodynamics. As we enter the second half of the age of oil, when energy supplies and the environmental impacts of energy production and consumption are likely to constrain economic growth, this exemption should be considered illusory at best. This book is an essential read for all scientists and economists who have recognized the urgent need for a more scientific, empirical, and unified approach to economics in an energy-constrained world, and serves as an ideal teaching text for the growing number of courses, such as the authors’ own, on the role of energy in society.
- Includes several new chapters and comprehensive updates addressing the implications of hydraulic fracturing (fracking), access to energy and social inequality, as well as climate science and planetary boundaries
- Integrates energy and economics by combining natural and social sciences
- Uses predictive tools and measures, such as EROI, to show how the economy is embedded in a biophysical world subject to scientific rules and constraints
- Provides a fresh approach to economics for those wondering “What’s next?“ after the Great Recession and continued volatility in energy prices
- Offers economic analysis from the real-world perspective of peak oil, high energy prices, the role of alternative energy sources, and potential environmental impacts of energy use such as climate change
About the Author
Kent A. Klitgaard is Professor of Economics and the Patti McGill Peterson Professor of Social Sciences at Wells Collegein Aurora, New York, where he has taught since 1991. Kent received his Bachelor’s degree at San Diego State University and his Master’s and PhD at the University of New Hampshire. At Wells, he teaches a diverse array of courses including the History of Economic Thought, Political Economy, Ecological Economics, The Economics of Energy, Technology and the Labor Process, and Microeconomic Theory, and is a co-founder of the Environmental Studies Program. Kent is active in the International Society for Ecological Economics, and is a founding member of the International Society for Biophysical Economics. Recently, his interests have turned towards the degrowth movement, and he has published multiple papers on the subject for Research and Degrowth.
Product details
- Publisher : Springer; 2nd ed. 2018 edition (March 20, 2018)
- Language : English
- Hardcover : 522 pages
- ISBN-10 : 3319662171
- ISBN-13 : 978-3319662176
- Item Weight : 2.45 pounds
- Dimensions : 8.25 x 1.25 x 10.5 inches
- Best Sellers Rank: #1,404,455 in Books (See Top 100 in Books)
- #434 in Oil & Energy Industry (Books)
- #1,812 in Human Geography (Books)
- #3,229 in Environmental Science (Books)
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So, eventually, your convinced by their argument because you've been beaten cornered and reminded of it over and over.
All that said, I still gave the book four stars. The authors are on to something, and the ideas they express are important. They should get this work republished by a publisher who will give them a proper edit.
Energy is not an economic theory. The authors plot energy growth and assume it predicts the economy. Ray Dalio plots population growth to predict economic growth. I plotted phosphorus consumption to show economic growth. None of this is predictive. It is curve fitting. May as well use a space-time diagram of the expanding universe to predict the economy.
The book has an effective critique of neo classical economics (NCE) and should be read for that purpose and skip the rest.
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Michael Edwards