3 ms·

> Georgescu-Roegen, a Romanian-born economist, dismissed the free market fairy tale of a pendulum swinging back and forth, effortlessly seeking a natural state

> Georgescu-Roegen, a Romanian-born economist, dismissed the free market fairy tale of a pendulum swinging back and forth, effortlessly seeking a natural state of equilibrium. He argued that the economy was more like an hourglass, a one-way process converting valuable resources into useless waste.

dredmorbius 4y ago
Georgescu-Roegen is one of the GOATs of ecological or thermodynamic economics. I only learned that Daly studied under G-R within the past year or so, from a podcast interview. There are a few interviews with Daly on the CASSE podcast "The Steady Stater". There are at least two episodes featuring him and I'm not sure which this appeared in. I think it may have been "Giving Thanks", airing in 2020: <https://podcasts.apple.com/us/podcast/giving-thanks-a-conversation-with-herman-daly/id1526137629?i=1000500020177 https://podcasts.apple.com/us/podcast/giving-thanks-a-conver...> Otherwise possibly: <https://podcasts.apple.com/us/podcast/what-herman-daly-really-thinks-about-markets-and/id1526137629?i=1000515943413 https://podcasts.apple.com/us/podcast/what-herman-daly-reall...>