Marginal Productivity Theory
Economists tell us how consumers on the market, “voting” with their purchasing power got what they wanted and wealthy landowners got the economic theory that they wanted.
diminishing returns
Putting the Real Story of Energy and the Economy Together
What is the real story of energy and the economy? We hear two predominant energy stories.
The Law of Diminishing Returns
Is modern society hitting our defining moment, the point of diminishing returns?
How increased inefficiency explains falling oil prices
Since about 2001, several sectors of the economy have become increasingly inefficient, in the sense that it takes more resources to produce a given output, such as 1000 barrels of oil.
Energy and the Economy – Twelve Basic Principles
There is a standard view of energy and the economy that can briefly be summarized as follows: Economic growth can continue forever; we will learn to use less energy supplies; energy prices will rise; and the world will adapt.