mk30 on Nostr: "A simple, imperturbable closed system that’s also ludicrous, fantastical, a fairy ...
"A simple, imperturbable closed system that’s also ludicrous, fantastical, a fairy tale. In the circular flow diagram of standard economics, nothing enters from the outside to keep it flowing, and nothing exits as a result of the flow. There are no resource inputs from the environment: no oil, coal, or natural gas, no minerals and metals, no water, soil, or food. There are no outputs into the ecosphere: no garbage, no pollution, no greenhouse gasses. That’s because in the circular flow diagram, there is no ecosphere, no environment. The economy is seen as a self-renewing, perpetual-motion merry-go-round set in a vacuum.
“I taught that foolish little diagram to undergraduates at Louisiana State University for 30 years,” the late Herman Daly, one of the 20th century’s great dissenters from standard economics, told me in an interview before his death at age 84 last year. “I thought it was just great. I was well beyond a Ph.D. before it came crashing in on my head that this is a very bad paradigm.”" - https://www.localfutures.org/when-idiot-savants-do-climate-science/
#economics #ClimateChange #environment
“I taught that foolish little diagram to undergraduates at Louisiana State University for 30 years,” the late Herman Daly, one of the 20th century’s great dissenters from standard economics, told me in an interview before his death at age 84 last year. “I thought it was just great. I was well beyond a Ph.D. before it came crashing in on my head that this is a very bad paradigm.”" - https://www.localfutures.org/when-idiot-savants-do-climate-science/
#economics #ClimateChange #environment