Economic theory has failed to incorporate the role of energy in production for two centuries since the Physiocrats. In this video I derive a production function that includes energy in an essential manner. It implies that economic growth has been driven by the increase in the energy throughput capabilities of machinery.
Economy
The Role of Energy in Production
By Steve Keen, originally published by Youtube
April 17, 2017

Steve Keen
Tags: economic growth, energy production
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