In Chicago, the great dome atop the Museum of Science and Industry rotunda is emblazoned with these words:
Science discerns the laws of nature
Industry applies them to the needs of man
The inscription’s lofty rhetoric hides a powerful assumption that is broadly internalized in industrial societies today: that the “needs of man” are unlimited,
Artificial Intelligence, or AI, is attracting great attention as working AI systems become accessible to the public. The AI claim is that it can digest the mass of knowledge that humanity has made public, then perform cognitive tasks with that knowledge or answer questions with speed and accuracy. This has many implications, some potentially worrisome. But when AI works well, it can serve up some interesting “truths.”
While AI does not generate authoritative or definitive information—you wouldn’t bet your savings on its output—my sense is that its findings often deserve a hearing.
Bitcoin needs to end, now. And other blockchain-based currencies along with it. If, like many people, you only have a vague idea of what Bitcoin is, you need to know two critical facts. First, Bitcoin is a currency that is “mined” via computing calculations, and second, in aggregate those calculations use about as much energy as the nation of Argentina. To make matters worse, that energy use is growing.
A recent analysis in Nature Communications estimated that by 2024 bitcoin mining in China alone would require nearly 300 terawatt-hours (TWh),
In 2019, the U.S. per capita GDP was $65,000. It seems obvious that this level of economic activity is more than sufficient to meet the needs of the U.S. population; after all, if we can’t live fulfilled, productive lives in an economy producing $65,000 per person per year, more money and production will never be enough. Further, additional per capita economic growth in the USA is uneconomic. For example, economic growth to $75,000 per person per year will not increase our economic wellbeing nearly as much as it will decrease ecological wellbeing;
From February to mid-April 2020, in an early and shocking stage of the COVID-19 pandemic, greenhouse gas emissions plummeted worldwide. Nowhere was the reduction more notable than in China, the country with the highest emissions. According to Lauri Myllyvirta, the lead analyst at the Centre for Research on Energy and Clean Air, China’s carbon dioxide emissions fell by 25 percent from the end of January through mid-February. Also,
Let us consider a different slant on the current discussion about the necessity versus sufficiency of renewable energy for a steady state economy at the present physical scale.
Pursuant to the pioneering economics of Nicholas Georgescu-Roegen (G-R), we recognize two sources of the low-entropy flow that sustains our lives: the solar and the terrestrial. They differ in their pattern of scarcity. The solar energy source is practically infinite in its stock dimension,
[Editor’s Note: The Steady State Herald first published a review of Planet of the Humans on May 1. The following review adds valuable information to the dialog.]
“It stands to reason…”
Who hasn’t heard this expression in everyday conversation? Humans tend to think of themselves as rational beings, and many people sincerely believe they are being reasonable all the time.
However,
Planet of the Humans is a once-in-a-decade documentary for all concerned with the environment, the economy, and life on Earth. Directed by Jeff Gibbs and produced by Michael Moore, Planet is especially important for advancing the steady state economy. It is reminiscent of Pope Francis’ Laudato si’ in that it makes the case for a steady state economy—resoundingly—while never quite uttering the phrase “steady state economy.”
When viewing a documentary,
If you’ve been on the internet recently you’ve been exposed to Tiger King, the wildly popular Netflix series that revolves around the conflict among a bizarre set of humans feuding over the proper way to hold big cats in captivity. Watching the show is a bit like watching a train derail in slow motion, but for our purposes what is important is that it illustrates the discrepancy between the way the world is and the way the world ought to be.
COVID-19 has done in a deadly way what steady-state economists would prescribe in a healthy way: putting the brakes on a runaway economy. In fact, the pandemic has slammed on the brakes and jammed the GDP gearstick into reverse. It has ushered us into a recession that will be pronounced and protracted. In a COVID-caused recession, it’s nature at bat, not the Fed.
In these dark times, any source of comfort is welcome.