2 ms·
Maybe economists should rebuild their theories from the ground up, starting with concepts like 'conservation of mass' and 'conservation of energy'? More precis
by photochemsyn 5y ago
Maybe economists should rebuild their theories from the ground up, starting with concepts like 'conservation of mass' and 'conservation of energy'? More precise definition of terms is also desirable.
For example, plant growth results in accumulation of biomass, and plants have been steadily growing (absorbing CO2 and water to create biomass) for a long time, so 'indefinite growth' in this sense possible. However, if economic growth means 'accumulation of biomass', well, in a full-grown forest, the net biomass is constant, a dead tree is replaced by a new tree. Here we have a healthy dynamic system with zero net growth - how would economists model that?
- rory 5y ago> More precise definition of terms is also desirable Which terms aren't well defined? > how would economists model that? Sounds kind of like this: https://en.wikipedia.org/wiki/Steady-state_economy https://en.wikipedia.org/wiki/Steady-state_economy Except that definitionally, economists try to model the interaction of sentient beings (generally humans), not plants.