Standard economic theory regards capital and labour as the main factors of production that satisfy the “cost-share theorem”. This paper argues that when a third factor, namely energy, is added physical constraints on substitution among the factors arise. We show that energy is a much more...

Energy intensity measures, defined as the ratio of energy use to gross domestic product of a country, are widely used to study the productivity of energy use in an economy. Unlike conventional primary and/or final energy intensities, useful work intensity (useful work/gross domestic product)...

A semi-empirical endogenous growth theory was proposed by the authors in 2005. It is based on a model of the economy as a two-stage materials/energy processing system. Growth is simulated by a two-parameter production function with two traditional factors, labor and capital, and a...

Our aim is to explain historical economic growth in the UK economy by introducing an empirical measure for useful work derived from natural resource energy inputs into an augmented production function. To do this, we estimate the long-term (1900-2000) trends in resource exergy supply and...

The historic link between output (GDP) growth and employment has weakened. Since there is no quantitively verifiable economic theory to explain past growth, this unique book explores the fundamental relationship between thermodynamics (physical work) and economics.

Ce document presente une etude de cas portant sur l'economie locale de Saint-Louis et du delta du fleuve Senegal. Il developpe la place et les perspectives des differents secteurs d'activite dans l'economie locale, les services et investissements que pourraient fournir les autorites, les...

Le secteur informel s'est definitivement mis en place suite a la crise de l'emploi et a la grande secheresse des annees 70, et est apparu comme une reponse des populations a l'effondrement de leur revenu et a la baisse continue de leur pouvoir d'achat. Ce document etudie l'etendue du secteur...

Conventional economic growth theory assumes that technological progress is exogenous and that resource consumption is a consequence, not a cause, of growth. The reality is different and more complex. A ‘growth engine’ is a positive feedback loop involving declining costs of inputs and...