Energy & Money Integrating Social Metabolism into Economic Analysis Blair Fix Canadian Society for Ecological Economics Toronto November 2, 2013.

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Presentation transcript:

Energy & Money Integrating Social Metabolism into Economic Analysis Blair Fix Canadian Society for Ecological Economics Toronto November 2, 2013

Real GDP: A measure of our ignorance?

A Quantity Measure of Output

Quantity of What?

Quantification Requires Units 3 apples + 3 oranges = ?

The Seven SI Base Units

Defining 1 second: The duration of 9,192,631,770 periods of the radiation corresponding to the transition between the two hyperfine levels of the ground state of the cesium 133 atom.

The Choice of Unity Affects Aggregate Quantity Apple : Orange Mass (kg) 1 : 2 Energy (J) 3 : 4 Price ($) 5 : 7

The fundamental problem with using price as a unit... Relative prices change all the time, meaning our unit ($) has no single definition!

A Historical Example

Measuring Changes in Quality?

Hedonic Quality Adjustment “The practice of decomposing an item into its constituent characteristics, obtaining estimates of the value of the utility derived from each characteristic, and using those value estimates to adjust prices when the quality of a good changes.” US Bureau of Labour Statistics

A Completely Different Approach to Output

Dissipative Structures

Society as a Dissipative Structure Social Metabolism

Useful Work: A physically meaningful quantity measure of output.

A Pecuniary Feedback

Most Types of Useful Work Have No Price 1. Mechanical Drive 2. Heat (Low, Mid, High) 3. Light 4. Muscle Work 5. Electricity

The Price of Electricity as a Proxy for the Price of Useful Work KWH Deflated GDP

Japan

United Kingdom

United States

Conclusions

Rethinking Labour Productivity