Ian Senior starts from two extremely simple concepts:
a)time and energy are two absolutes on which all economic activity is based; and
b)most humans are economic most of the time.
From these two premises he explains the activities of individuals, groups, societies and nations from the past through to the present and future.
The energy that has to be harnessed for most activity is no longer that of human muscles but comes from external energy, namely fossil fuels and to a lesser extent from atomic power, wind and water. The golden age of accessible and cheap fossil fuels is waning. This fact will influence every aspect of human activity from the number of years we work to the food and goods we produce.
Ian Senior shows how time and energy have influenced economic man in relation to war, religion, migration, democracy and human behaviour generally. He describes the effect on civilisation of waning fossil fuel energy. The reserves of oil and gas at current rates of consumption will last about 64 years. Coal reserves will last longer but will bring more pollution. Wind and water power cannot be expected to make up for reductions of oil and gas output. The safety of atomic power is still questionable in the light of Chernobyl and Fukushima. He argues that energy should be the currency of last resort and he proposes denominating currencies in terms of kilowatt hours as a way of giving money true value and of preventing delinquent governments from simply printing it.
This book gives a new understanding of the economics of time, energy and human behaviour presented in a clear and highly original way.
REVIEWS
For many decades central banks have been issuing currencies whose value has depended on nothing more than faith in the central bank. Ian Senior proposes an interesting alternative which is worthy of consideration by those who believe in sound money.
— Professor Philip Booth, Institute of Economic Affairs and Cass Business School, City University, London
Adam Smith introduced the concept of GDP back in 1776, but Ian Senior points out that all wealth derives from natural energy, and that a nation's capital wealth is just as important as its income. On that score, he makes some surprising – and concerning – calculations of where the world's wealth actually lies.
— Dr Eamonn Butler, Director, The Adam Smith Institute, London
a)time and energy are two absolutes on which all economic activity is based; and
b)most humans are economic most of the time.
From these two premises he explains the activities of individuals, groups, societies and nations from the past through to the present and future.
The energy that has to be harnessed for most activity is no longer that of human muscles but comes from external energy, namely fossil fuels and to a lesser extent from atomic power, wind and water. The golden age of accessible and cheap fossil fuels is waning. This fact will influence every aspect of human activity from the number of years we work to the food and goods we produce.
Ian Senior shows how time and energy have influenced economic man in relation to war, religion, migration, democracy and human behaviour generally. He describes the effect on civilisation of waning fossil fuel energy. The reserves of oil and gas at current rates of consumption will last about 64 years. Coal reserves will last longer but will bring more pollution. Wind and water power cannot be expected to make up for reductions of oil and gas output. The safety of atomic power is still questionable in the light of Chernobyl and Fukushima. He argues that energy should be the currency of last resort and he proposes denominating currencies in terms of kilowatt hours as a way of giving money true value and of preventing delinquent governments from simply printing it.
This book gives a new understanding of the economics of time, energy and human behaviour presented in a clear and highly original way.
REVIEWS
For many decades central banks have been issuing currencies whose value has depended on nothing more than faith in the central bank. Ian Senior proposes an interesting alternative which is worthy of consideration by those who believe in sound money.
— Professor Philip Booth, Institute of Economic Affairs and Cass Business School, City University, London
Adam Smith introduced the concept of GDP back in 1776, but Ian Senior points out that all wealth derives from natural energy, and that a nation's capital wealth is just as important as its income. On that score, he makes some surprising – and concerning – calculations of where the world's wealth actually lies.
— Dr Eamonn Butler, Director, The Adam Smith Institute, London
