I don’t know why I blog – how can you beat this:

http://earlywarn.blogspot.com/2011/02/long-term-trends-in-economic-output.html#more

an excerpt:

If anyone ever wonders how I can be so arrogant as to question Nobel prize winning economists – this is the reason. As soon as I started to read about the subject five years ago, it was immediately obvious that they’d never worked out how they related to physics (in the way, that say, biologists or ecologists have – they know that energy flow through their systems is at the root of everything, and they’ve worked through the implications of that).

I can’t do better than that – but I am as confident he’s right.

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