By Steve Keen: Production, Entropy and Monetary Macroeconomics (economy and thermodynamics)

Here is Steve Keen, the world’s best economist, linking the economy with thermodynamics.

98% of the economists in the world are too stupid to understand this stuff.

As a consequence all of the economic models that our world leaders use to make decisions ignore the most important variables: energy, waste, and debt.

And we blindly race towards the cliff…

Idiot Lights

Transport yourself back 10, 20, 30 or however many years you can remember, and imagine a future debate about raising rates 0.25% after they had been at zero for 6 years. You’d think it was impossible and completely insane.

And have you noticed there is never any genuine curiosity about why interest rates have been at zero for 6 years and what the implications of this might be?

The idiot lights on our dashboard are flashing bright red, all of them, and no one even discusses what they mean, let alone what we should do in response.

By Dave Cohen: Adventures in Flatland

This three part series titled “Adventures in Flatland” by Dave Cohen is a must read for anyone seeking to understand our predicament.

http://www.declineoftheempire.com/…/adventures-in-flatland.…

http://www.declineoftheempire.com/…/adventures-in-flatland-…

By Tim Garrett: Thermodynamics of the Economy (interviews and papers)

Tim Garrett

Tim Garrett is the most important and least recognized physicist on the planet because he discovered a theory that explains and quantifies the relationship between wealth and energy consumption.

Here is Garrett’s home page with links to his papers:

http://www.inscc.utah.edu/~tgarrett/Economics/Economics.html

Here is a wikipedia page that explains his theory:

https://en.wikipedia.org/wiki/Garrett_relation

Here is a new interview with Tim Garrett:

http://www.ecoshock.org/2015/05/fires-raise-chernobyl-radiation-again.html

I’ve listened to Garrett’s previous interviews many times and never tire of them because there are so many difficult and important concepts to absorb.

http://www.ecoshock.org/2014/07/the-big-picture-like-it-or-not.html

http://www.ecoshock.org/2010/11/atmosphere-of-crisis.html

https://archive.org/details/IsClimateChangeUnstoppable

Here is a list of Garrett’s work compiled by Frank White:

https://citizenactionmonitor.wordpress.com/civilization-economic-collapse-links-to-all-posts-by-or-about-dr-tim-garretts-research/

Here is an August 2020 paper co-authored with Steve Keen:

https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0237672

By Steve Ludlum: Fantasy Islanders

“Nobody will admit that Europe is undone by peak oil, nobody will even discuss it or entertain the possibility! This isn’t economists in 2004 missing a prediction about what might happen in 2008. This is an entire army of exceptionally well-paid, over-educated analysts, policy makers, business leaders, economists, university professors, pundits, finance- and energy bloggers, fiction writers, poets and bass fishermen not seeing what is taking place right under their noses!

Welcome to Fantasy Island …”

http://www.economic-undertow.com/2015/04/26/fantasy-islanders/

And later in the comment section, Steve made this insightful comment:

“The current industrial regime is certainly non-remunerative as it is too effectively extractive. We get the excessive output we want now at the expense of the future. What the future arrives, all else being equal, there are massive throughput channels but output is a trickle – plus a lot of head scratching as to why.70% (roughly) of oil use is for personal transport, the rest is largely commercial transport (much of which is redundant or unnecessary) and chemical feedstocks including material required for pesticide production.

Big problem in food production is the asymmetric nature of the enterprise itself: it takes generations to learn how to farm a particular piece of land but two failed crops in a row will do in the farmer. Fast forward to 2015+ there is the climate curveball: how many more generations will it take to learn to farm? Is learning possible, can any farmer produce two crops in a row?

Fossil-fuel farming does work and it allows for a ‘one size fits all’ approach to all kinds of croplands. We can theoretically maintain the current regime for a few generations or so … to allow farmers to learn how to produce without petro-chemical inputs. Sadly, it is more likely that the military and motorists will fight over what remains of our fuel, crashing the current regime, leaving a lot to go hungry.”

By Nate Hagens: Limits to Growth: Where We Are and What to Do About It

Here are a couple more excellent talks by Nate Hagens. He is now concluding his talks with some modest advice on what people can do to prepare.

The Converging Economic and Environmental Crisis (10 July 2014)

Limits to Growth: Where We Are and What to Do About It (15 October 2014)