Rethinking Economic Growth Theory From a Biophysical Perspective

Rethinking Economic Growth Theory From a Biophysical Perspective.
Fix, Blair (2015). New York, Dordrecht and London. Springer. (Book; English).

Full Text Available As:

Preview	Cover Image 20150000_fix_rethinking_economic_growth_theory_large_front.jpg Download (67kB) | Preview
Preview	PDF (Preprint) 20150000_fix_rethinking_economic_growth_theory_preprint.pdf Download (2MB) | Preview

Abstract or Brief Description

Neoclassical growth theory is the dominant perspective for explaining economic growth. At its core are four implicit assumptions: 1) economic output can become decoupled from energy consumption; 2) economic distribution is unrelated to growth; 3) large institutions are not important for growth; and 4) labor force structure is not important for growth. Drawing on a wide range of data from the economic history of the United States, this book tests the validity of these assumptions and finds no empirical support. Instead, connections are found between the growth in energy consumption and such disparate phenomena as economic redistribution, corporate employment concentration, and changing labor force structure. The integration of energy into an economic growth model has the potential to offer insight into the future effects of fossil fuel depletion on key macroeconomic indicators, which is already manifested in stalled or diminished growth and escalating debt in many national economies. This book argues for an alternative, biophysical perspective to the study of growth, and presents a set of ‘stylized facts’ that such an approach must successfully explain. Aspects of biophysical analysis are combined with differential monetary analysis to arrive at a unique empirical methodology for investigating the elements and dependencies of the economic growth process.

Book page on Springer's site: http://link.springer.com/book/10.1007%2F978-3-319-12826-9

DOI 10.1007/978-3-319-12826-9

Language

English

Publication Type

Book

Keywords

biophysical economics differential analysis ecological economics economic growth energy growth decoupling heterodox economics social metabolism

Subject

BN Conflict & Violence
BN Data & Statistics
BN Methodology
BN Distribution
BN Institutions
BN Ecology & Environment
BN Growth
BN Production

Depositing User

Jonathan Nitzan

Date Deposited

25 Dec 2014

Last Modified

14 Jun 2015 17:54

URL:

https://bnarchives.net/id/eprint/426

Actions (login required)

View Item