Steve Keen on the Role of Energy in Production

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Video 'Explaining "Solow Residual" as energy's contribution to output' via https://www.youtube.com/watch?v=kUdzH47Mpow&app=desktop

Description

"Economic theory has failed to incorporate the role of energy in production for two centuries since the Physiocrats. In this video I derive a production function that includes energy in an essential manner. It implies that economic growth has been driven by the increase in the energy throughput capabilities of machinery."