{"id":24792,"date":"2017-08-22T07:24:52","date_gmt":"2017-08-22T12:24:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24792"},"modified":"2017-08-22T07:25:28","modified_gmt":"2017-08-22T12:25:28","slug":"inside-the-new-economic-science-of-capitalisms-slow-burn-energy-collapse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24792","title":{"rendered":"Inside the new economic science of capitalism\u2019s slow-burn energy\u00a0collapse"},"content":{"rendered":"
\n
\n
\n

Inside the new economic science of capitalism\u2019s slow-burn energy\u00a0collapse<\/a><\/h3>\n

And why the struggle for a new economic paradigm is about to get\u00a0real<\/strong><\/p>\n

<\/canvas><\/p>\n<\/div>\n

\n
\n
\n
\n
\n
Source: art by Isaac\u00a0Cordal<\/a><\/figcaption><\/figure>\n<\/div>\n
New scientific research is quietly rewriting the fundamentals of economics. The new economic science shows decisively that the age of endlessly growing industrial capitalism, premised on abundant fossil fuel supplies, is\u00a0over.<\/span><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n
\n

The long-decline of capitalism-as-we-know-it, the new science shows, began some decades ago, and is on track to accelerate well before the end of the 21st\u00a0century.<\/h4>\n

With capitalism-as-we-know it in inexorable decline, the urgent task ahead is to rewrite economics to fit the real-world: and, accordingly, to redesign our concepts of value and prosperity, precisely to rebuild our societies with a view of adapting to this extraordinary age of transition.<\/h4>\n<\/div>\n<\/div>\n<\/section>\n
\n
\n
\n<\/div>\n
\n
\n

A groundbreaking study<\/a> in Elsevier\u2019s Ecological Economics<\/em> journal by two French economists, for the first time proves the world has passed a point-of-no-return in its capacity to extract fossil fuel energy: with massive implications for the long-term future of global economic growth.<\/p>\n

The study, \u2018Long-Term Estimates of the Energy-Return-on-Investment (EROI) of Coal, Oil, and Gas Global Productions\u2019, homes in on the concept of EROI, which measures the amount of energy supplied by an energy resource, compared to the quantity of energy consumed to gather that resource. In simple terms, if a single barrel of oil is used up to extract energy equivalent to 50 barrels of oil, that\u2019s pretty good. But the less energy we\u2019re able to extract using that single barrel, then the less efficient, and more expensive (in terms of energy and money), the whole process.<\/p>\n

Recent studies suggest that the EROI of fossil fuels has steadily declined since the early 20th century, meaning that as we\u2019re depleting our higher quality resources, we\u2019re using more and more energy just to get new energy out. This means that the costs of energy production are increasing while the quality of the energy we\u2019re producing is declining.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Inside the new economic science of capitalism\u2019s slow-burn energy\u00a0collapse And why the struggle for a new economic paradigm is about to get\u00a0real Source: art by Isaac\u00a0Cordal New scientific research is quietly rewriting the fundamentals of economics. The new economic science shows decisively that the age of endlessly growing industrial capitalism, premised on abundant fossil fuel […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[13961,4654,328,14695],"class_list":["post-24792","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-energy-return-on-investment","tag-eroi","tag-fossil-fuels","tag-naffed-ahmed"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24792"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24792\/revisions"}],"predecessor-version":[{"id":24794,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24792\/revisions\/24794"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}