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A Journey of No Return, Not a Circular Economy

By Herman Daly

The economic process is not a mechanical analog that can be run forward and backward, nor a circular process that can return to any previous state. Rather it is an irreversible and irrevocable process moving in the direction of time’s arrow of increasing entropy [1]. Finitude and entropy guarantee that the economic life of our species will be a journey of no return. Therefore even a stationary economy, in the classical sense of constant population and constant capital stock, is ultimately a journey of no return, because the metabolic throughput of matter and energy required to maintain constant stocks of people and physical capital, in the face of depreciation and death, is an entropic flow from ever less concentrated sources to ever filling sinks – and both sources and sinks are finite.


Who Moved Obama’s Win-Win Cheese?

by Brian Czech Whether or not you like President Obama or his policy preferences, you have to acknowledge his consistency. Even those with “zero regard” for the president confess, “At least Obama is consistent.” But not consistently. There is one issue, at least, on which he hasn’t held still, moving in and out like an […]


How to Turn the Power of the Wall Street Protests into Real Reforms

A “repatriation holiday” would be good for well-to-do CEOs and investors, not so good for workers and taxpayers.


¡Buenas noticias! ¡La recuperación económica se frena!

Traducción al Español – Dave Gardner perspectivas sobre la economía se estancó.