Overview

The economics of energy has been a contested issue over the past century. Although it has not figured prominently in mainstream economics, numerous alternative proposals have called for energy to play a more central role in economic theory. In this highly original and enlightening volume, Guido Buenstorf develops a new conceptual approach to the economics of energy which originates from recent advances in evolutionary economics.

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9781843764618

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Reviews

'This book makes a fundamental contribution to economics, in that it deals with production theory from a perspective that integrates economics with engineering and science. It represents a far more realistic interpretation than the standard neoclassical approach and will act as a stimulus for further research in this area.' - Robert U. Ayres, INSEAD, France; 'Guido Buenstorf's book is a splendid attempt to break new ground in the theory of production. Turning away from the ever more abstract - and theoretically empty - production function approach, he shows how changing physical constraints in the utilisation of energy systematically affect production processes in the economy. With his analysis the author challenges the value based approach to production. He outlines the contours of a richer theory, which is capable of accounting for physical and technological aspects without losing sight of their economic implications.' - Ulrich Witt, Max Planck Institute for Research into Economic Systems, Germany; 'No production is possible without energy. Neoclassical production theory with its price-theoretic focus has neglected this fundamental fact. To understand the economic process it is necessary to consider its real side. By analysing it from a conceptual, evolutionary and historical point of view, Guido Buenstorf gives energy the attention it deserves in economic analysis.' - Malte Faber, University of Heidelberg, Germany

'To a non-economist interested in energy this book promised and delivered a lot... I recommend the book highly to university teachers and policymakers as a thought-provoking explanation of why energy deserves to be back on the agenda.' -- Sonja Boehmer-Christiansen, Energy and Environment 'This book makes a fundamental contribution to economics, in that it deals with production theory from a perspective that integrates economics with engineering and science. It represents a far more realistic interpretation than the standard neoclassical approach and will act as a stimulus for further research in this area.' -- Robert U. Ayres, INSEAD, France 'Guido Buenstorf's book is a splendid attempt to break new ground in the theory of production. Turning away from the ever more abstract - and theoretically empty - production function approach, he shows how changing physical constraints in the utilisation of energy systematically affect production processes in the economy. With his analysis the author challenges the value based approach to production. He outlines the contours of a richer theory, which is capable of accounting for physical and technological aspects without losing sight of their economic implications.' -- Ulrich Witt, Max Planck Institute for Research into Economic Systems, Germany 'No production is possible without energy. Neoclassical production theory with its price-theoretic focus has neglected this fundamental fact. To understand the economic process it is necessary to consider its real side. By analysing it from a conceptual, evolutionary and historical point of view, Guido Buenstorf gives energy the attention it deserves in economic analysis.' -- Malte Faber, University of Heidelberg, Germany

Author Information

Guido Buenstorf, University of Kassel, Germany

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