Via Do The Math, physicist Tom Murphy shares his dinner conversation (with a pro-growth economist) in which he finds that the laws of mainstream economics do not jibe with his understanding of the laws of reality:
Some while back, I found myself sitting next to an accomplished economics professor. After pleasantries, I said to him, “economic growth cannot continue indefinitely,” just to see where things would go. It was a lively and informative conversation. I was somewhat alarmed by the disconnect between economic theory and physical constraints—not for the first time, but here it was up-close and personal.
We do not share the view of many of our economics colleagues that growth will solve the economic problem, that narrow self-interest is the only dependable human motive, that technology will always find a substitute for any depleted resource, that the market can efficiently allocate all types of goods, that free markets always lead to an equilibrium balancing supply and demand, or that the laws of thermodynamics are irrelevant to economics.
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