Exernomics is a concatenation of two words, economics and exergy. Economics is a discipline, with scientific aspirations, concerned with the production, distribution and consumption of goods and services in human society. It is also concerned with markets, trade and prices. It has been called “the dismal science” (by Thomas Carlyle), because of the Malthusian argument (c. 1799) that human population will always grow faster than food supply, whence the future of mankind was destined to be constrained by poverty and starvation. That didn’t happen during the following two centuries. So, in recent years Malthus has become an object of derision by mainstream economists, who have adopted a contrary doctrine of perpetual growth driven by unending innovation and substitution.
But the mainstream has ignored the fact that one resource has no substitute. It is “useful energy” or – in techno-speak – exergy.
– – – > For the full text, please click here – http://exernomics.wordpress.com/2014/10/13/on-exernomics/
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