Energy and Energetics in Economic Theory: A Review Essay
Author(s)
Mirowski, Philip
Abstract
A striking and little noticed aspect of anti-neoclassical thought in the 20th century is the number of natural scientists who have thought that they were the first to believe that the only “true” economic value is energy. Two groups can be distinguished among the group of scientists under consideration: the neo-energeticists, who believe that energy is identical to economic value, and the neo-simulators, who regard physics only as a metaphor and as a source of ready-made mathematical models. This article reviews some of the unorthodox economics views of the neo-energeticists, who can be further sub-divided into three categories: 1) those who never ventured beyond a crude theory of energy and value; 2) those who attempt to quantify energy and implement their theory of energy as a value substance; and 3) Romanian economist, Nicholas Georgescu-Roegen.
