The Economic Growth Engine: How Energy and Work Drive Material Prosperity

Ayres, Robert U.; Warr, Benjamin

ISBN 10: 1848441827 / ISBN 13: 9781848441828

Published by Edward Elgar Publishing, 2009

About this Item

Slight rubbing to edges of dust-jacket, now protected using removable clear wrap, otherwise in excellent condition. Appears unread. Next day dispatch by Royal Mail in sturdy, recyclable packaging. 1000's of satisfied customers! Please contact us with any enquiries.

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Bibliographic Details

• Title: The Economic Growth Engine: How Energy and Work Drive Material Prosperity
• Publisher: Edward Elgar Publishing
• Publication Date: 2009
• Language: English
• ISBN 10: 1848441827
• ISBN 13: 9781848441828
• Binding: Hardcover
• Condition: Near Fine
• Dust Jacket Condition: Near Fine

About this title

Synopsis

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.

About the Author

The late Robert U. Ayres, formerly Novartis Professor (Emeritus) of Management and the Environment, INSEAD, France and Institute Scholar, International Institute for Applied Systems Analysis (IIASA), Austria and Benjamin Warr, PhD, Senior Research Fellow, Social Innovation Centre, INSEAD, France