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 Computer Vision, Imaging and Computer Graphics Theory and Applications by Charles A.S. Hall, Kent Klitgaard
Cover of the book Statistical Distributions by Charles A.S. Hall, Kent Klitgaard
Cover of the book Frequent Pattern Mining by Charles A.S. Hall, Kent Klitgaard
Cover of the book e-Infrastructure and e-Services for Developing Countries by Charles A.S. Hall, Kent Klitgaard
Cover of the book Integrated Water Resources Management: Concept, Research and Implementation by Charles A.S. Hall, Kent Klitgaard
Cover of the book Travel Marketing, Tourism Economics and the Airline Product by Charles A.S. Hall, Kent Klitgaard
Cover of the book Political Rhetoric in the Oxford and Cambridge Unions, 1830–1870 by Charles A.S. Hall, Kent Klitgaard
Cover of the book Progress in the Chemistry of Organic Natural Products 101 by Charles A.S. Hall, Kent Klitgaard
Cover of the book E-Democracy – Privacy-Preserving, Secure, Intelligent E-Government Services by Charles A.S. Hall, Kent Klitgaard
Cover of the book Competence Based Education and Training (CBET) and the End of Human Learning by Charles A.S. Hall, Kent Klitgaard
Cover of the book Mathematical Modeling of Mitochondrial Swelling by Charles A.S. Hall, Kent Klitgaard
Cover of the book Advances in Signal Processing and Intelligent Recognition Systems by Charles A.S. Hall, Kent Klitgaard
Cover of the book Spin Physics in Semiconductors by Charles A.S. Hall, Kent Klitgaard
Cover of the book Logic Programming and Nonmonotonic Reasoning by Charles A.S. Hall, Kent Klitgaard
Cover of the book Bent Functions 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