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by gsf_emergency
537 days ago
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I used to think along these lines until I saw some "data" and then I wasn't so sure my habits were sound https://en.wikipedia.org/wiki/Economic_complexity_index In particular, it seems interesting to think in terms of pairs of countries (UK,US) but also (RU,UA) Except for Argentina or Japan, of course >the ECI is a more accurate predictor of GDP per capita growth than traditional measures of governance, competitiveness (World Economic Forum's Global Competitiveness Index) and human capital (as measured in terms of educational attainment). ECI also shows a strong negative correlation with income inequality, suggesting that more knowledge intense productive structures are more inclusive in terms of income distribution, and providing a statistically more powerful explanation of cross-national variations in income inequality than Kuznets Curve.[3] |
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>The critical marker for this process is the Energy Cost of Energy, a measure of the proportion of accessed energy which, being consumed in the energy access process, is not available for any other economic purpose.
Sounds suspiciously close to the classic definition of entropy, if you ask me :)
The Costanza strategy for economists is therefore to teach physicists something instead of just learning from the 19th century ones
[Looking at you, https://en.wikipedia.org/wiki/Francis_Ysidro_Edgeworth ]