{"id":63188,"date":"2022-07-31T12:16:24","date_gmt":"2022-07-31T17:16:24","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63188"},"modified":"2022-07-31T12:16:24","modified_gmt":"2022-07-31T17:16:24","slug":"228-in-the-eye-of-the-perfect-storm","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63188","title":{"rendered":"#228. In the eye of the Perfect\u00a0Storm"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"https:\/\/surplusenergyeconomics.wordpress.com\/2022\/05\/18\/228-in-the-eye-of-the-perfect-storm\/\">#228. In the eye of the Perfect\u00a0Storm<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>A GUIDE TO THE SURPLUS ENERGY ECONOMY<\/strong><\/p>\n<p><em>FOREWORD<\/em><\/p>\n<p>The title of this report makes intentional reference to the\u00a0<em>Perfect Storm<\/em>\u00a0paper published by Tullett Prebon back in 2013, when I was head of research at that organization.<\/p>\n<p>Since then, my efforts have been concentrated on (a) promoting discussion (at\u00a0<a href=\"https:\/\/surplusenergyeconomics.wordpress.com\/\">Surplus Energy Economics<\/a>) about the energy basis of the economy, and on (b) building an economic model (SEEDS) founded on these principles.<\/p>\n<p>Whilst theoretical debate will continue, and models can always be further refined,\u00a0<strong>time has run out\u00a0<\/strong>for the purely\u00a0<em>intellectual\u00a0<\/em>contest between conventional and energy-based interpretations of the economy.<\/p>\n<p>Accordingly \u2013 and with due apology to those to whom much of this is already familiar \u2013 what follows is a comprehensive summary of what we\u00a0<em>know<\/em>\u00a0about the economy as an energy system, and what we can reasonably\u00a0<em>infer<\/em>\u00a0about the future based on this understanding.<\/p>\n<p><strong>INTRODUCTION<\/strong><\/p>\n<p>Faced with rising inflation, worsening pressure on living standards and significant nervousness in the markets, we\u2019re at liberty \u2013 if we so choose \u2013 to ascribe all of these problems to the combined effects of the coronavirus crisis and the war in Eastern Europe, and to assure ourselves that the \u2018normality\u2019 of never-ending economic growth will return once these temporary vicissitudes are behind us.<\/p>\n<p><em>The alternative is to face facts<\/em>.<\/p>\n<p>These are that prior growth in material prosperity has gone into reverse, and that a financial system erected on the mistaken presumption of \u2018infinite growth on a finite planet\u2019 faces challenges of a magnitude which eclipse all past experience.<\/p>\n<p>Understood as a system supplying the goods and services which constitute material\u00a0<em>prosperity<\/em>, the economy is a dynamic propelled by the supply, value and cost\u00a0<em>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>#228. In the eye of the Perfect\u00a0Storm A GUIDE TO THE SURPLUS ENERGY ECONOMY FOREWORD The title of this report makes intentional reference to the\u00a0Perfect Storm\u00a0paper published by Tullett Prebon back in 2013, when I was head of research at that organization. Since then, my efforts have been concentrated on (a) promoting discussion (at\u00a0Surplus Energy [&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":[32011,33047,13351,31315,31314],"class_list":["post-63188","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-ecoe","tag-energy-cost-of-energy","tag-price-inflation","tag-surplus-energy-economics","tag-tim-morgan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63188","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=63188"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63188\/revisions"}],"predecessor-version":[{"id":63189,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63188\/revisions\/63189"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}