The historic link between output (GDP) growth and employment has
weakened. Since there is no quantitively verifiable economic theory
to explain past growth, this unique book explores the fundamental
relationship between thermodynamics (physical work) and economics.
The authors take a realistic approach to explaining the
relationship between technological progress, thermodynamic
efficiency and economic growth. Their findings are a step toward
the integration of neo-classical and evolutionary perspectives on
endogenous economic growth, concluding in a fundamental explanation
of endogenous growth that is both quantifiable and consistent with
the laws of thermodynamics. For two centuries fossil and other
sources of energy (work) have been replacing human and animal
muscles. Now our civilization is truly addicted to fossil energy
availability at ever low prices. Can increasing efficiency
compensate for coming scarcity? This is the crucial question. The
most important implication of this is that future economic growth
is not guaranteed because the efficiency gains that have driven
growth in the past may not continue in the future. Exploring the
theory of growth with an emphasis on the role of energy, useful
work and technological change, this book will be of great interest
to academics and students focussing on growth theory, energy and
ecological economics. It will also prove insightful to those
concerned with policy making or responding to changes in policy
related to the energy-growth nexus.
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