{"id":64124,"date":"2022-11-14T09:43:15","date_gmt":"2022-11-14T14:43:15","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64124"},"modified":"2022-11-14T09:43:15","modified_gmt":"2022-11-14T14:43:15","slug":"friede-gard-prize-lecture-05-energy-in-production-functions","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64124","title":{"rendered":"Friede Gard Prize Lecture 05 Energy In Production Functions"},"content":{"rendered":"<div class=\"main-menu animated\" data-testid=\"navbar\">\n<div class=\"main-menu-content\">\n<div class=\"topbar\">\n<div class=\"topbar-content\">\n<div class=\"navbar-buttons\"><video poster=\"https:\/\/substackcdn.com\/image\/fetch\/w_1920,h_1080,c_fill,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-video.s3.amazonaws.com%2Fvideo_upload%2Fpost%2F82713599%2Fe7d09b50-7a24-4107-b2ba-a4a066a27710%2Ftranscoded-00069.png\" width=\"300\" height=\"150\" data-mce-fragment=\"1\"><\/video><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"single-post-container\">\n<div class=\"container\">\n<div class=\"single-post\">\n<article class=\"typography video-post post\">\n<div class=\"video-player-wrapper with-preview full-width\">\n<div class=\"video-player\">\n<div class=\"video-player-button no-text\"><\/div>\n<\/div>\n<\/div>\n<div class=\"post-header\">\n<h3 class=\"post-title unpublished\"><a href=\"https:\/\/profstevekeen.substack.com\/p\/friede-gard-prize-lecture-05-energy\">Friede Gard Prize Lecture 05 Energy In Production Functions<\/a><\/h3>\n<\/div>\n<div class=\"\">\n<div class=\"available-content\">\n<div class=\"body markup\" dir=\"auto\">\n<p>Both Neoclassical and Post Keynesian economic models have been &#8220;energy blind&#8221;: postulating output from inputs of Technology, Labor and Capital, but ignoring energy (and matter, for that matter&#8230;).<\/p>\n<p>In this lecture I show how tautological and wrong the Cobb Douglas Production Function is, and that incorporating energy into it does enormous damage to the Neoclassical paradigm. On the other hand, the empirically-based Leontief Production Function only needs to acknowledge that what has been called the &#8220;Capital-Output Ratio&#8221; is in fact the inverse of &#8220;the efficiency with which machinery turns energy into useful work&#8221;, and Post-Keynesian economic models are now energy-aware.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Friede Gard Prize Lecture 05 Energy In Production Functions Both Neoclassical and Post Keynesian economic models have been &#8220;energy blind&#8221;: postulating output from inputs of Technology, Labor and Capital, but ignoring energy (and matter, for that matter&#8230;). In this lecture I show how tautological and wrong the Cobb Douglas Production Function is, and that incorporating [&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":[32629,560,750],"class_list":["post-64124","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-energy-blindness","tag-neoclassical-economics","tag-steve-keen"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64124","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=64124"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64124\/revisions"}],"predecessor-version":[{"id":64125,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64124\/revisions\/64125"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}