Sunday, January 15, 2017

2nd Law of Thermodynamics prevents decoupling

Why economics is just a physics problem: "Stepping back to see the world economy as a simple physical object, one where people are only part of a larger whole, would be a stretch for a traditional economist hung up on the idea that wealth must be restricted to physical capital. But, crucially, unlike traditional models, it is an idea that can be rigorously tested and potentially disproved. It is a hypothesis that is falsifiable. If the above is correct then we should expect to see that summing up the inflation-adjusted of GDP all nations, over the entirety of history, this very general expression of inflation-adjusted global economic wealth is tied to global primary energy consumption through a numerical constant, independent of the year that is considered. "

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