Nicholas Georgescu-Roegen

17 April, 2017 at 23:48 | Posted in Economics | 2 Comments

 

C’est vraiment incroyable que l’économie orthodoxe ait toujours négligé The Entropy Law and the Economic Process, un ouvrage fondamental et aussi important dans l’histoire de la pensée économique que General Theory de Keynes.

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  1. Ignoring Georgescu-Roegen by economist is not so strange when you consider 1)They are not scientists, therefore they know nothing of thermodynamics or Entropy
    2)It runs counter to what all economists have been taught; that A)Man is the master of Nature; B)Every problem can be solved in capitalism by more money, more technology, better enterpreneurs, and-or more trade
    3)that all economists are victim of the Harry Truman Trap (33 President of the USA) who famously said: “an expert is a fellow who is afraid to learn anything new, because if he ever had to he would`nt be an expert anymore”
    This means that economists today are knowingly wrong in their predictions which makes them charlatans, frauds or what in the USA is called “snake oil salesman”.

    Paul Romer, chief economist of the World Bank, once described perfectly what economists do: “Assume A, Assume B, blah-blah-blah-blah-we have proven P is true”….Romer is correct, but he dosen`t know why…..Neither does Krugman when he wrote that “in the last 25 years all economic papers were either useless at best or pernicious at worst”….

  2. As an economist myself I knew nothing of entropy or the influence of science in the economics of production until I started working in the Exploration department of (what was then) one of the best run state oil companies in the world, Venezuela’s PDVSA: That was back in 1997 and the political conflicts of 2002 forcefully ended my career there. Since then I have written 2 books on the relationship energy-economics; the possibility of peak oil and the very dire consecuences for the World. The first book written in spanish was translated into english and published in New York City under the title The Completion of the Oil Era (2010) and the second was written in english called The Energy Within Economics & the Bubble Envelope Theory of Human Prosperity (2012). Both published by Nova science publishers and both found at Amazon.

    In them you will find the dire predicament the world is in which is showing in nil GDP growth of OECD countries and the dangerous political nationalistic backslash that we are seeing today all accross Europe and the USA…..There are solutions to this cataclismic economic amargedon, but these are neither priceless nor quick. The longer they take to implement the more painful and harder will be its consecuences.

    And Yes, Georgescu-Rogen’s work was important in my research…..He, like his contemporary E.F. Schumacher, were just too far ahead of their times. Except that the german was more readable and reached a wider audience


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