The ‘certainties’ that drove 20th century economics were transient and are now illusory. When can we face up to this instead of obsessing about what colour the Emperor’s new clothes should be?
https://mastodon.social/@urlyman/116056861475117303
@ChrisMayLA6 the UK exports 85% of the oil it produces because it doesn’t have the refinery capacity to meet its own demands, so it buys more than it exports at higher cost. Oil underpins everything we take for granted. And globally, oil EROI has slid from 1:100 to 1:15 in the past 80 years. It becomes loss making at about 1:10.
No amount of political wishful thinking or strategic shift in monetary policy is going to change material reality or magic up economic dynamism