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Neoclassical Economics Has Lulled Us Into a False Sense of Security
Post Reply RetroFed Forum Forum Index » stupidpol
AuthorMessage
powerstruggle sh.itjust.works powerstruggle@sh.itjust.works
Joined: 2025-09-15
Quote

Link: https://profstevekeen.substack.com/p/economics-has-lulled-us-into-a-false

https://redlib.catsarch.com/r/stupidpol/comments/1sds2jf/neoclassical_economics_has_lulled_us_into_a_false/

In this post, Steve Keen details how economists have underestimated the importance of energy, fertilizer, and helium to the global economy, and predicts that the Iran war will cause a global depression if it doesn't end soon.

Mainstream economists believe that energy is unimportant to the economy, and that reducing the world's energy supply by 10% would reduce GDP by only 0.5%. In reality, the correlation between GDP and energy consumption is almost 1:1, and reducing energy by 10% will cause a 10% decline in GDP. Buckle up.
10   Original
JeeBaiChow lemmy.world JeeBaiChow@lemmy.world
Joined: 2023-09-04
#2 · Quote Reply

Trump made america great by manufacturing an energy crisis that made chinese evs blossom. Lol
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