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Raises doubt about the validity of the impending "Third Industrial Revolution" based on information and communications technology. Shows using basic science that information, unlike energy, is not physically productive, raising serious doubts over the ability of ICT to raise the standard of living.

Provides a network approach to understanding trade and trade policy from Antiquity to the present. Argues that trade has occurred, is occurring, and will continue to occur within well-defined, stable networks (e.g. empires, multinational firms, free-trade areas). Is able to rationalize the many puzzles that currrently plague international economics. Results can be generalized to all trade activity, ranging from economic to social, to political.

Identifying the exclusion of energy as a major oversight in political economy, this study uses basic mechanics and thermodynamics to reexamine the rise of political economy as the science of wealth in the 19th and 20th centuries.

Money talks, goods and services don't. This fundamental distinction is what sets a monetary economy apart from a barter one. As a result, economic growth requires more than capital, labor and energy. Being able to signal one's willingness to purchase goods and services is also required, a sine qua non of an advanced industrial economy. Formally, the ability to generate wealth, it therefore follows, is no longer a sufficient condition for growt...

Provides an alternative approach to modeling material processes in economics. Argues that material wealth (GDP) is an increasing function of two universal factor inputs, namely broadly-defined energy and broadly-defined organization. Uses the results to examine the productivity slowdown, the ICT revolution and the phenomenon of outsourcing. The latter is attributed to a desire on the part of firms/shareholders to capture a greater share of the...

Economists and historians view the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as being largely independent. This work presents an integrated, empirically-consistent view of this important period arguing that all of these events can be traced back to a paradigm technology shock, namely the electrification of U.S. industry from 1910 to 1926. The author goes from electrification through the stock ...