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.
This lecture shows that the Physiocrats were the only school of thought to be consistent with the Laws of Thermodynamics in their model of production, and derives a production function in which energy plays an essential role.
This is the fifth of six lectures I recorded that I gave to the Exploring Economics Summer School (https://www.exploring-economics.org/e…) held just outside the city of Erfurt in southern Germany (I recorded all but the second lecture).
In 1945, Ruml made a famous speech to the ABA, asserting that since the end of the gold standard, “Taxes for Revenue are Obsolete”. The real purposes of taxes were: to “stabilize the purchasing power of the dollar”, to “express public policy in the distribution of wealth and of income”, “in subsidizing or in penalizing various industries and economic groups” and to “isolate and assess directly the costs of certain national benefits, such as highways and social security”. This is seen as a forerunner of functional finance or chartalism.
As an Economic Analysis, I think the technocracy analysis of Debt based money being unable to deal with the Modern Abundance produced by Dense energy production methods is a very good one.
James Corbett of the Corbett report made this video which highlights his concerns about the possible dark motivations behind technocracy, makeup your own mind. At the seat of the question is Can Capitalism function without Debt/Usury?
Exposing the Dark Agenda Behind the “Resource-Based Economy”
24/7 surveillance. Smart grid controls. Carbon rationing. Today we talk to “Technocracy Rising” author Patrick Wood about the hidden history of technocracy, the dark plan for a resource-based economy that is being pushed by the Trilateral Commission, the UN, and other globalist institutions in order to bring about a completely managed, controlled and regulated society.
Steve Keen has been writing on Economics and Entropy/ Thermodynamics lately and It was His latest Videos which made me want to re visit Technocracy, the 1933 Book produced by Howard Scott and the Technocracy organization I have read several times over the past few years.
Slide Show of Howard Scott Photos taken from Technocracy You Tube Channel which has the Same Speech processed by Text recognition software.( SIRI, or similar).
Published on 30 Apr 2011
“So today the operation of our control mechanism, the control measures that must and will be adopted are those that most nearly conform to the technological operating requirements of that mechanism.
These requirements can only be known by those who are intimately familiar with the technical details of that mechanism, our technically trained personnel ; – though prior to there being a general recognition of this fact we expect to witness performances on the part of our educators, economists, and sociologists, lawyers, politicians, and businessmen that will parallel the performances of all the witch doctors of preceding ages.” – Technocracy Study Course
Science & Technology
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