{"id":61086,"date":"2021-12-24T07:01:29","date_gmt":"2021-12-24T12:01:29","guid":{"rendered":"https:\/\/olduvai.ca\/?p=61086"},"modified":"2021-12-24T07:01:29","modified_gmt":"2021-12-24T12:01:29","slug":"218-the-real-state-of-the-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=61086","title":{"rendered":"#218. The real state of the\u00a0economy"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"https:\/\/surplusenergyeconomics.wordpress.com\/2021\/12\/19\/218-the-real-state-of-the-economy\/\">#218. The real state of the\u00a0economy<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>A FUNCTIONAL SYNOPSIS<\/strong><\/p>\n<p id=\"as-this-might-be-the-last-article-to-appear-here-before-the-festive-season-i-d-like-to-take-this-opportunity-to-wish-everyone-a-very-merry-christmas-and-a-happy-and-prosperous-new-year-and-to-thank-you-for-your-interest-in-and-your-contributions-to-our-conversations-about-energy-the-economy-and-directly-related-subjects\">As this might be the last article to appear here before the festive season, I\u2019d like to take this opportunity to wish everyone a very merry Christmas and a happy and prosperous New Year, and to thank you for your interest in, and your contributions to, our conversations about energy, the economy and directly-related subjects.<\/p>\n<p id=\"i-m-particularly-appreciative-of-the-way-in-which-our-debates-have-remained-firmly-concentrated-on-the-economy-we-could-all-too-easily-have-dissipated-our-energies-on-subjects-which-whilst-topical-and-important-are-not-those-on-which-we-can-add-value-through-specialist-knowledge\">I\u2019m particularly appreciative of the way in which our debates have remained firmly concentrated on the economy. We could all too easily have dissipated our energies on subjects which, whilst topical and important, are not those on which we can add value through specialist knowledge.<\/p>\n<p id=\"it-seems-to-me-that-the-economy-with-its-profound-implications-for-business-finance-government-society-and-the-environment-is-of-such-importance-that-clarity-of-focus-is-invaluable\">It seems to me that the economy \u2013 with its profound implications for business, finance, government, society and the environment \u2013 is of such importance that clarity of focus is invaluable.<\/p>\n<p id=\"this-clarity-is-singularly-lacking-in-what-we-might-call-the-public-discourse-the-economic-debate-such-as-it-is-has-become-reminiscent-of-that-old-western-movie-hero-who-jumped-on-his-horse-and-rode-off-in-all-directions-at-once\">This clarity is singularly lacking in what we might call \u2018the public discourse\u2019. The economic debate, such as it is, has become reminiscent of that old Western movie hero who \u201cjumped on his horse and rode off in all directions at once\u201d.<\/p>\n<p id=\"behind-all-the-partisan-argument-the-mystification-and-the-theorizing-about-nefarious-plots-the-plain-fact-is-that-the-economy-faces-challenges-and-risks-without-precedent-in-modern-times\">Behind all the partisan argument, the mystification and the theorizing about nefarious plots, the plain fact is that\u00a0<strong>the economy faces challenges and risks without precedent in modern times<\/strong>.<\/p>\n<p id=\"this-simple-fact-is-all-too-often-lost-in-a-miasma-of-misconception-false-nostrums-and-self-interest\">This simple fact is all too often lost in a miasma of misconception, false nostrums and self-interest.<\/p>\n<p id=\"one-economy-two-systems\"><strong>One economy, two systems<\/strong><\/p>\n<p id=\"we-can-add-value-in-this-situation-because-we-understand-two-central-realities-that-are-neither-known-to-nor-accepted-by-the-orthodox-approach-to-economics\">We can add value in this situation because we understand two central realities that are neither known to, nor accepted by, the orthodox approach to economics.<\/p>\n<p id=\"first-we-are-aware-of-the-critical-distinction-between-the-real-economy-of-goods-and-services-and-the-financial-economy-of-money-and-credit\">First, we are aware of\u00a0<strong>the critical distinction<\/strong>\u00a0between the \u2018real\u2019 economy of goods and services and the \u2018financial\u2019 economy of money and credit.<\/p>\n<p id=\"second-we-recognize-that-the-real-or-material-economy-is-an-energy-system-in-which-prosperity-is-a-function-of-the-availability-value-and-cost-of-energy\">Second, we recognize that the real or\u00a0<em>material<\/em>\u00a0economy is\u00a0<strong>an energy system<\/strong>, in which\u00a0<em>prosperity is a function of the availability, value and cost of energy<\/em>.<\/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>#218. The real state of the\u00a0economy A FUNCTIONAL SYNOPSIS As this might be the last article to appear here before the festive season, I\u2019d like to take this opportunity to wish everyone a very merry Christmas and a happy and prosperous New Year, and to thank you for your interest in, and your contributions to, [&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":[31315,31314],"class_list":["post-61086","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-surplus-energy-economics","tag-tim-morgan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61086","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=61086"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61086\/revisions"}],"predecessor-version":[{"id":61087,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61086\/revisions\/61087"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}