Energy and the Wealth of Nations

An Introduction to Biophysical Economics

Nonfiction, Science & Nature, Science, Biological Sciences, Environmental Science, Business & Finance, Industries & Professions, Industries, Technology
Cover of the book Energy and the Wealth of Nations by Charles A.S. Hall, Kent Klitgaard, Springer International Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Charles A.S. Hall, Kent Klitgaard ISBN: 9783319662190
Publisher: Springer International Publishing Publication: March 5, 2018
Imprint: Springer Language: English
Author: Charles A.S. Hall, Kent Klitgaard
ISBN: 9783319662190
Publisher: Springer International Publishing
Publication: March 5, 2018
Imprint: Springer
Language: English

In this updated edition of a groundbreaking text, concepts such as energy return on investment (EROI) provide powerful insights into the real balance sheets that drive our “petroleum economy.” Hall and Klitgaard explore the relation between energy and the wealth explosion of the 20th century, and the interaction of internal limits to growth found in the investment process and rising inequality with the biophysical limits posed by finite energy resources. The authors focus attention on the failure of markets to recognize or efficiently allocate diminishing resources, the economic consequences of peak oil, the high cost and relatively low EROI of finding and exploiting new oil fields, including the much ballyhooed shale plays and oil sands, and whether alternative energy technologies such as wind and solar power can meet the minimum EROI requirements needed to run society as we know it.
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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

In this updated edition of a groundbreaking text, concepts such as energy return on investment (EROI) provide powerful insights into the real balance sheets that drive our “petroleum economy.” Hall and Klitgaard explore the relation between energy and the wealth explosion of the 20th century, and the interaction of internal limits to growth found in the investment process and rising inequality with the biophysical limits posed by finite energy resources. The authors focus attention on the failure of markets to recognize or efficiently allocate diminishing resources, the economic consequences of peak oil, the high cost and relatively low EROI of finding and exploiting new oil fields, including the much ballyhooed shale plays and oil sands, and whether alternative energy technologies such as wind and solar power can meet the minimum EROI requirements needed to run society as we know it.
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.

More books from Springer International Publishing

Cover of the book Information- and Communication Theory in Molecular Biology by Charles A.S. Hall, Kent Klitgaard
Cover of the book Famine and Finance by Charles A.S. Hall, Kent Klitgaard
Cover of the book Human Fetal Growth and Development by Charles A.S. Hall, Kent Klitgaard
Cover of the book The Theory and Practice of Social Machines by Charles A.S. Hall, Kent Klitgaard
Cover of the book Particle Interactions in High-Temperature Plasmas by Charles A.S. Hall, Kent Klitgaard
Cover of the book Comprehensive Models of Autism Spectrum Disorder Treatment by Charles A.S. Hall, Kent Klitgaard
Cover of the book Stinging Insect Allergy by Charles A.S. Hall, Kent Klitgaard
Cover of the book Dynamic Spectrum Auction in Wireless Communication by Charles A.S. Hall, Kent Klitgaard
Cover of the book Multiliteracies Pedagogy and Language Learning by Charles A.S. Hall, Kent Klitgaard
Cover of the book Abatement Techniques for Reducing Emissions from Livestock Buildings by Charles A.S. Hall, Kent Klitgaard
Cover of the book Data Science for Transport by Charles A.S. Hall, Kent Klitgaard
Cover of the book Nanotechnology and Ethical Governance in the European Union and China by Charles A.S. Hall, Kent Klitgaard
Cover of the book Environmental Indicators in Metal Mining by Charles A.S. Hall, Kent Klitgaard
Cover of the book Techniques in Minimally Invasive Rectal Surgery by Charles A.S. Hall, Kent Klitgaard
Cover of the book Management of Deep Carious Lesions by Charles A.S. Hall, Kent Klitgaard
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy