Category Archives: Economic Theory

How is oil discovered?

Feasibility Overview  The feasability assessment I’m attempting works like this: Define a likely range for the rate of oil decline (in Giagjoules/person/year) Define a likely range for the rate of substitution for potential technology, individually and in aggregate (also in Gigajoules/person/year) There are … Continue reading

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Which is hurting more, oil prices or debt deleveraging?

Regular programming has been interrupted this week by a surge in interest in macroeconomic theory and peak oil in the NZ blogosphere! Mostly this interest has been catalysed by last Friday’s sustainable economics conference*, which I had hoped to attend. Unfortunately, I had a … Continue reading

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Oil Markets I

In the Oil Markets series of posts I look at the problems of the Efficient Market Hypothesis (EMH), and present an alternative, the Adaptive Market Hypothesis. The Efficient Market Hypothesis To recap, the EMH is a mechanism that justifies the view that the … Continue reading

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How Economists View Peak Oil

This post outlines how economists typically think about peak oil,  what I call the ‘standard narrative’ of resource transition. The purpose of this post is to lay the groundwork for a more constructive debate regarding our understanding of peak oil. Economists are … Continue reading

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