How Wages are Linked to Energy Consumption: Data and Theory

How do economic analyses account for the roles and impacts of both the cost and quantity of natural resource consumption?

This question has been debated perhaps as long as there has been the profession of economics.  Before the use of fossil fuels, early “classical” economists knew that most products of interest, such as food and building materials, came from the land as it harnesses the energy from the sun. Thus, land as a natural resource was front-and-center to economic thinking.

Why Economists Can’t Understand Complex Systems: Not Even the Nobel Prize, William Nordhaus

Nordhaus’ approach to climate change mitigation highlights a general problem with how economists tend to tackle complex systems: their training makes them tend to see changes as smooth and gradual. But real-world systems, normally, do what they damn please, including crashing down in what we call the Seneca Effect.

Seven Ways to Think Like a Twenty-First-Century Economist

Whether you consider yourself an economic veteran or novice, now is the time to uncover the economic graffiti that lingers in all of our minds and, if you don’t like what you find, scrub it out; or, better still, paint it over with new images that far better serve our needs and times.

The Discrete Charm of Economic Growth

We face the real possibility that, far from a case in which we are the principals and those in charge of the economy are honest agents — with the state reflecting the spontaneous preferences of the public and the corporate economy functioning as a sort of “dollar democracy” — the actual state of affairs is one of the alleged “agents” pursuing interests of their own and using the “principals” as means to an end.