{"id":60060,"date":"2021-10-23T16:18:52","date_gmt":"2021-10-23T21:18:52","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60060"},"modified":"2021-10-23T16:18:52","modified_gmt":"2021-10-23T21:18:52","slug":"214-needed-a-new-model-tin-opener","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60060","title":{"rendered":"#214. Needed \u2013 a new model\u00a0tin-opener"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"https:\/\/surplusenergyeconomics.wordpress.com\/2021\/10\/21\/214-needed-a-new-model-tin-opener\/\">#214. Needed \u2013 a new model\u00a0tin-opener<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>THE LIMITS OF TRANSITION<\/strong><\/p>\n<p>Logically considered, 2021 ought to have been the place where old assumptions go to die.<\/p>\n<p>In many ways, it is.<\/p>\n<p>Specifically, orthodox, money-based economic interpretation is being debunked. Current events are demonstrating that the economy isn\u2019t, after all, entirely or even primarily a financial system. The proposition that\u00a0<em>demand produces supply<\/em>\u00a0is being discredited, because no amount of stimulus can deliver low-ECoE energy where that energy does not exist. In short, we\u2019re discovering that\u00a0<strong>the economy is an energy system<\/strong>.<\/p>\n<p>Since the start of the Industrial Age, that has meant, overwhelmingly, a\u00a0<em>fossil fuel<\/em>\u00a0energy system. We\u2019re in the process of encountering\u00a0<em>two constraints<\/em>\u00a0to the continuity of an economy built on oil, gas and coal.<\/p>\n<p>The well-known constraint is that we have reached (or passed) the limits to environmental tolerance of our use of fossil fuels.<\/p>\n<p>The second, barely-recognized-at-all constraint is that fossil fuels\u2019 ECoEs \u2013 their Energy Costs of Energy \u2013 are rising exponentially, in a process that would destroy the fossil-dependent economy\u00a0<strong>even if we were so unwise as to ignore the environmental issue<\/strong>.<\/p>\n<p>The consensus answer to this situation is that we must endeavour to\u00a0<em>transition<\/em>\u00a0from reliance on fossil fuels to an economy based on alternative sources of energy.<\/p>\n<p>This, undoubtedly, is a realistic conclusion.<\/p>\n<p>The snag, though, is that the consensus view combines the logical\u00a0<em>conclusion<\/em>\u00a0of transition with the unfounded\u00a0<em>assumption<\/em>\u00a0of an economy which, far from contracting, continues to expand.<\/p>\n<p>A balanced assessment of the issues indicates, rather, that a\u00a0<em>sustainable<\/em>\u00a0economy will also be a\u00a0<em>smaller<\/em>\u00a0one.<\/p>\n<p><strong>An appraisal of outcomes<\/strong><\/p>\n<p>At the level of theory, there\u2019s nothing much wrong with the idea of outdated notions undergoing a mass extinction event.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>#214. Needed \u2013 a new model\u00a0tin-opener THE LIMITS OF TRANSITION Logically considered, 2021 ought to have been the place where old assumptions go to die. In many ways, it is. Specifically, orthodox, money-based economic interpretation is being debunked. Current events are demonstrating that the economy isn\u2019t, after all, entirely or even primarily a financial system. [&hellip;]<\/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":[2,3],"tags":[32011,31315,31314],"class_list":["post-60060","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-ecoe","tag-surplus-energy-economics","tag-tim-morgan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60060","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=60060"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60060\/revisions"}],"predecessor-version":[{"id":60061,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60060\/revisions\/60061"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}