How BP is Minimizing Renewable Energy in its Statistical Review

British Petroleum (BP) publishes its Statistical Review of World Energy, venting out a few catchy phrases that the mainstream media mindlessly repeats. This time the catch-phrase was: “overall energy consumption is growing faster than renewable energies put together”. This discourse is naturally convenient to those set on promoting fossil fuels and/or detracting renewable energy. But is BP really a trustworthy source on the matter?

Breaking New Ground in Economic Theory

Professor Steve Keen may be the first mainstream economist to address a fatal flaw in economic theory: omitting or minimizing the role of energy. Keen has developed a production formula incorporating energy, not as one factor of production along with capital and labor, but as the indispensable flow activating both.

The Role of Energy in Production

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.