Economics of sustainable energy

Contents Cover Title page Copyright page Dedication Preface Chapter 1: Introduction 1.1 Opening Remarks 1.2 Research Questions Asked Chapter 2: Delinearized History of Economics and Energy 2.1 Introduction 2.2 The European Tract of Economics History 2.3 Transition of Money 2.4 The Nature Science Tract of Economics History 2.5 Connection to Energy Chapter 3: The Incompatibility of Conventional Economic Analysis Tools with Sustainability Models 3.1 Introduction 3.2 Current Economic State of the World 3.3 The Status of the Money God 3.4 The Current Economic Models 3.5 The Illogicality of Current Theories 3.6 The Delinearized History of Modern Economics 3.7 The Transition of Robotization 3.8 Yellow Gold vs Black Gold 3.9 How Science and Economics Mimic the Same Aphenomenality Notes Chapter 4: State-of-the Art of Current Technology Development 4.1 Introduction 4.2 Denaturing for a Profit 4.3 Aphenomenal Theories of the Modern Era 4.4 The Sugar Culture and Beyond 4.5 The Culture of the Artificial Sweetener 4.6 Delinearized history of Saccharin® and the Money Trail 4.7 The Culture of Aspartame 4.8 The Honey-Sugar-Saccharin-Aspartame Degradation in Everything 4.9 Assessing the Overall Performance of a Process Chapter 5: Comprehensive Analysis of Energy Sustainability 5.1 Introduction 5.2 Sustainability in the Information Age and Environmental Insult 5.3 Climate Change Hysteria 5.4 The Energy Crisis 5.5 Petroleum in the Big Picture 5.6 Science of Healthy Energy and Mass Chapter 6: The Islamic Track of Economical Analysis 6.1 Introduction 6.2 Function of Gold Dinars and a New Paradigm for Economic Analyses 6.3 Labor Theory of Value 6.4 Zero Waste Economy 6.5 Role of Government in State’s Economy 6.6 Macroeconomy and Theory on Money 6.7 The Optimum Lifestyle 6.8 The Gold Standard for Sustainable Economy Chapter 7: Framework of Economics of Sustainable Energy 7.1 Introduction 7.2 Delinearized History of Modern Age 7.3 Petroleum Refining and Conventional Catalysts 7.4 The New Synthesis 7.5 The New Investment Model, Conforming to the Information Age Chapter 8: Economics of Sustainable Energy Operations 8.1 Introduction 8.2 Issues in Petroleum Operations 8.3 Critical Evaluation of Current Petroleum Practices 8.4 Greening of Petroleum Operations 8.5 Zero-Waste Operations 8.6 Characteristic Time 8.7 Quality of Energy Chapter 9: Role of Government in Assuring Energy Sustainability 9.1 Introduction 9.2 The U.S Government 9.3 The Wealth Paradigm 9.4 Zero Interest 9.5 Zero-Waste Economics Chapter 10: Summary and Conclusions 10.1 Summary 10.2 Answers to the Research Questions Chapter 11: References and Bibliography Index End User License Agreement List of Illustrations Chapter Figure 1.1 Knowledge model vs aphenomenal model Figure 1.2 Congressional approval rate for last 32 years (Gallup data) Figure 1.3 Nature is inherently sustainable (From Khan and Islam, 2007) Chapter Figure 2.1 If truth criteria are not met, time only increases ignorance and false confidence Figure 2.2 New science only added more arrogance, blended with ignorance to Dogma science Figure 2.3 Exchange of goods can cause economic growth or collapse, depending on the starting point (solid circle: natural starting point; hollow circle: unnatural/artificial starting point) Figure 2.4 Rise of bitcoin transactions Figure 2.5 Miner fee rise in 2016–2017 (from website 1) Figure 2.6 Price of Bitcoin from inception to the end of 2017 Figure 2.8 World reserve of gold (from Gold Reserve, Inc.) Figure 2.9 US Annual gold production (From California Gold Mining, Inc.) Figure 2.10 Gold price fluctuations since 1971 decoupling of gold and US dollars (From onlygold.com) Figure 2.11 Inflation adjusted price of gold (from Rowlatt, 2013) Figure 2.12 U.S mine production of silver from 1860 to 2000 Total production prior to 1860 was estimated to be 25 metrics tons (t) (Data from USGS, 2018a) Figure 2.13 Silver reserve in top silver reserve countries (from Statistia, 2018c) Figure 2.14 Silver/gold price in USA (from https://goldprice.org/gold-pricehistory.html) Figure 2.15 Gold/Silver ratio distribution (From Fulp, 2016) Figure 2.16 Showing rarest metals (from Haxel et al., 2002) Figure 2.17 Variation in “gold dollar” and “petrodollar” (left y-axis represents gold price in $/oz, while right y-axis represents crude oil price (in $/bbl), from American Bullion, Inc Figure 2.18 Variation of gold price and oil price during 1987–2012, From American Bullion, Inc Chapter Figure 3.1 The rich are benefitting the most from the stock market’s historic run (Wile, 2018) Figure 3.2 Past and future projection of shares of global wealth of the top 1% and bottom 99% (Oxfam Report, 2018) Figure 3.3 Past shares of global wealth of the top 1% and bottom 99% (from Khan and Islam, 2016) Figure 3.4 Economic disparity and movement of wealth in USA Figure 3.5 Economic disparity in USA Bottom (visible) pink line is the top 10% (original data from Credit Suisse, 2014) Figure 3.6 National debt increase during various presidencies Figure 3.7 Dept of Commerce, Bureau of Economic Analysis Figure 3.8 Our current epoch is an epic failure of intangible values Figure 3.9 The change in human collective activities from 1750 to 2000 (from Adams and Jeanrenaud, 2005) Figure 3.10 Lung cancer mortality rate in Sweden Cancer Trends During the 20th Century (Hallberg, 2002) Figure 3.11 Rise in obesity (OECD analysis of health survey data, 2011) Figure 3.12 Incidence of diabetes in children under age 10 years in Norway, 1925– 1995 (from Gale, 2002) Figure 3.13 Robotization of humanity: the current state of the world Figure 3.14 US defense spending in recent history (From John Fleming/The Heritage Foundation, 2018) Figure 3.15 Healthcare cost as a percentage of GDP for various developed countries (OECD Report, 2017) Figure 3.16 Price variation in diabetes treatment chemicals (OECD Report, 2017) Figure 3.17 Aggregated revenues reported by pharmaceutical and biotechnology companies from 1991 to 2014 (OECD Report, 2017) Figure 3.18 Percentage of children (aged to 17) who are living in relative poverty, defined as living in a household in which disposable income, when adjusted for family size and composition, is less than 50% of the national median income https://www.theguardian.com/us-news/2017/oct/19/big-pharma-moneylobbying-us-opioid-crisis Figure 3.19 Both optimism and fear lead to movements in the financial market, thereby stimulating economy that is stacked up against sustainability Figure 3.20 Modern science and technology development schemes focus on turning natural into artificial and assigning artificial values, proportional to the aphenomenality of a product Figure 3.21 Lewis Dual Economy thrives on the existence of inherent disparity Figure 3.22 Sustainability can be defined as the inevitable outcome of a conscientious start (1: phenomenal start with phenomental intention; 2: aphenomenal start and/or aphenomenal intention) Figure redrawn from Khan and Islam (2016) Figure 3.23 Good behaviors in humans lie within optimum regime of individual liberty (redrawn from Islam et al., 2017) Figure 3.24 Origins of the Arabic word for “happiness” – a non-Eurocentric view Figure 3.25 Maximizing the Rate of Return on Investments for Others – This figure illustrates one prospect that becomes practically possible if intangible benefits are calculated into, and as part of, a well-known conventional treatment of investment capital that was developed initially to deal purely with tangible aspects of the process and on the assumption that money would normally be invested only to generate a financial return to its investor (From Zatzman and Islam, 2007) Figure 3.26 Sensitivity of business turnover to employer-employee trust – Under a regime guided by the norms of capital-dependent conventional economics, trustworthiness counts for nothing Under an economic approach that takes intangibles into account, on the other hand, revenue growth in an enterprise should be enhanced Figure 3.27 The figure depicts the direction of ‘legal derivation’, the process by which law is discerned, for each of the theorists’ models Figure 3.28 Both scientific and social theories have invoked aphenomenal premises that have become increasingly illogical Figure 3.29 Real demand reaches equilibrium whereas artificially created demand leads to implosive economic infrastructure that ends up with a crisis Figure 3.30 Knowledge has to be true; otherwise it will create false perception and total opacity in the economic system Figure 3.31 From ill intention and ill-gotten power comes the onset of the cancer model It gains traction increasing misery of the general population upon which the ‘Aphenomenal Model’ is being applied Figure 3.32 Every ‘-ism’ introduced in the modern age belongs to the same false premise that launched the current civilization in the deliberate hunger game model Figure 3.33 The great debate rages on mostly as a distraction from the real debate that should be on fundamental premises that are taken at face value Figure 3.34 Interest rate over the years (shaded area US recessions) data from Research Stlouisfed.org Figure 3.35 Historical fluctuation of inflation rates in USA (redrawn from Website 1) Figure 3.36 Interest rate and inflation rate Figure 3.37 Interest rate and inflation rate over the years (from Federal Reserve Economic Data) Figure 3.38 Philip’s short-run graph Figure 3.39 Taxes as a percentage of GDP for various countries The darker bar is the US; the darkest bar the average for advanced countries (OECD Report, 2017) Figure 3.40 Pictorial depiction estates with tax concerns (from Krugman, 2017) Figure 3.41 The Rahn curve Figure 3.42 Taxation is part and parcel of the government growth Figure 3.43 History of government employment and manufacturing employment (From Jeffrey, 2015) Figure 3.44 Government size or government debt hasn’t been a partisan issue Figure 3.45 Transition from real value to perceived value of commodities (data from Commodity Futures Trading Commission website) Figure 3.46 Falsehood is turned into truth and ensuing disinformation makes sure that truth does not come back in subsequent calculations Figure 3.47 A new paradigm is invoked after denominating spurious value as real and disinformation into ‘real knowledge’ Figure 3.48 How falsehood is promoted as truth and vice-versa Figure 3.49 Inflation rate and world events Figure 3.50 Gold prices throughout modern history in US $ (from Onlygold.com) Figure 3.51 Various uses of gold (redrawn from Thomas, 2015) Figure 3.52 The Dow Jones Industrial Average from the years 1928/9–1934, with annotations describing brief historical-economic events (modified from: Velauthapill 2009) Figure 3.53 Illustrates the long-term inflation adjusted price of gold based on 2011 dollars (data from MeasuringWorth.com, as reported by Ferri, 2013) It highlights the average $500 per ounce price over the 220 year period, which was passed through many times Figure 3.54 Inflation adjusted oil price for last 70 years Figure 3.55 Ratio of gold price (per ounce) over oil price (per barrel) Grey areas mark recession periods Figure 3.56 Net development (true GNP per capita, after subtracting foreign debt payments & re-exported profits of TNC’s, etc.) and net dependency for various countries Chapter Figure 4.1 Economic activities have become synonymous with corporate profiteering and denaturing of the society Figure 4.2 The outcome of short-term profit-driven economics model Figure 4.3 Millions of tons of sugar produced globally over the years (from Website 2) Figure 4.4 Sugar production history by region (From Islam et al, 2015) Figure 4.5 Sugar structure (note how all catalysts disappear) Figure 4.6a Chemical structure of saccharin and related salts Figure 4.6b Chemical reactions used during saccharin manufacturing Figure 4.7 Saccharin consumption share in 2001 (From Khan and Islam, 2016) Figure 4.8 The dominance of saccharin has been continuing in last decades (From Islam et al., 2015) Figure 4.9 Cost per tonne for various sugar products (2003 value), from Islam et al., 2015) Figure 4.10 Aspartame market growth since 1984 (From Khan and Islam, 2016) Figure 4.11 Market share of various artificial sweeteners (from Islam et al., 2015) Figure 4.12 Chemical structure of Aspartame® Chapter Figure 5.1 Public perception toward energy sources (Ipsos, 2011) Figure 5.2 Energy outlook for 2040 as compared to 2016 under various scenarios (*Renewables includes wind, solar, geothermal, biomass, and biofuels, from BP Report, 2018) Figure 5.3 World plastic production (From Statista, 2018) Figure 5.4 Annual per capita water consumption in metric ton in 2013 (from Statista, 2018a) Figure 5.5 (from USGS, 2017) Figure 5.6 Oil dependence of various countries (From Hutt, 2016) Figure 5.7 Spider Chart of Saudi Arabia (When comparing multiple countries on a spider) Figure 5.8 Breakdown of Saudi Arabia’s prosperity index Figure 5.9 Norway’s prosperity index in spider chart form Figure 5.10 Breakdown of Norway’s prosperity index Figure 5.11 Oil dependence in terms of GDP share and historical oil prices (World Bank, 2017) Figure 5.12 Trends in GDP and Energy intensity Figure 5.13 The bell curve has been the base curve of many theories in modern era (x-axis is replaced with time and y-axis with global oil production) Figure 5.14 Population growth history and projection (data from CIA Factbook, UN) Figure 5.15 Estimated, actual, and projected population growth (decline) Figure 5.16 World population growth for different continents Figure 5.17 There are different trends in population growth depending on the state of the economy Figure 5.18 Per capita energy consumption growth for certain countries Figure 5.19 A strong correlation between a tangible index and per capita energy consumption has been at the core of economic development (from Goldenberg, 1985) Figure 5.20 While population growth has been tagged as the source of economic crisis, wasteful habits have been promoted in name of emulating the west Figure 5.21 Population and energy paradox for China (From Speight and Islam, 2016) Figure 5.22 Oil production and import history of USA (data from EIA) Figure 5.23 US data that appear to support Hubbert’s “peak oil” hypothesis (From Speight and Islam, 2016) Figure 5.24 Comparison of Hubbert curve with Norwegian oil production (from Speight and Islam, 2016) Figure 5.25 Association for the study of peak oil (ASPO) produced evidence of Hubbert peak in all regions Figure 5.26 Actual global oil production (surface mined tar sand not included) Figure 5.28 Production-Cost and Market-Price Realities “At The Margin” (From Zatzman and Islam, 2007) Figure 5.29 US public debt as percentage of GDP Figure 5.30 Energy content of different fuels (MJ/kg), from Spight and Islam, 2016 Figure 5.31 Fossil fuel reserves and exploration activities Figure 5.32 Discovery of natural gas reserves with exploration activities (From Islam, 2014) Figure 5.33 Natural gas production history in New York state (from Islam, 2014) Figure 5.34 Locations of unconventional shale plays in lower 48 states (from Ratner and Tiemann, 2014) Figure 5.35 Moving from conventional to unconventional sources, the volume of the petroleum resource increases Figure 5.36 Cost of production increases as efficiency, environmental benefits and real value of crude oil declines (modified from Islam et al., 2010) Figure 5.37 Current estimate of conventional and unconventional gas reserve (From Islam, 2014) Figure 5.38 Abundance of natural resources as a function of time Figure 5.39 Water plays a more significant role in material production than previously anticipated (from Islam, 2014) Figure 5.40 Gas hydrate deposits of Alaska (From Islam, 2014) Figure 5.41 Known and inferred natural gas hydrate occurrences in marine (red circles) and permafrost (black diamonds) environments (From Islam, 2014) Figure 5.42 Future trends in some of the major future user of unconventional gas (from EIA report, 2013) Demand curve, 377 Demand cycle, 164, 597 Demographic/Demography, 290, 328, 566 Deposit insurance, 98, 559 Depreciate, 559 Depression, 3, 60, 162, 167, 168, 169, 170, 171, 237, 239, 242, 284, 419, 464, 481 Deregulation, 167 Derivatives, 146, 384, 439, 478 Devaluation, 478 Developing countries, 293, 296, 417, 460, 461, 466, 467, 468, 470, 596, 597, 613 Direct investment, 448 Direct solar heating, 255, 257, 468, 472, 497 Discount broker, 48 Discounted, 129, 242, 246, 380, 424 Disequilibrium, 381 Disinformation, 8, 16, 19, 21, 32, 34, 39, 89, 156–8, 166, 182, 213, 244, 266, 289, 290, 421, 428, 429, 462, 463, 556, 575, 590 Divergence, 14, 48, 81, 129, 198, 373 Dividend, 40, 82, 88, 137, 146, 153, 161, 173, 283, 300, 409 E Econometrics, 133, 614 Economic extremism, 4, 35, 75, 78, 132, 180, 266, 273, 396, 398, 412, 413, 582, 590, 593, 595, 596 Economic indicator, 139 Economic model, 97–100, 130, 133, 137, 138, 157, 158, 177, 180, 247, 265, 365, 394, 409, 415, 425, 426, 433, 434, 583, 593, 594, 596, 614, 617 Economics of inflation, 615 Economics of intangibles, 16, 119, 439, 446, 447, 448, 587, 616 Economics of intention, 13 Economies of scale, 245, 246, 423 Efficiency (economics) 89, 107, 110, 186, 279, 296, 323, 439, 449, 451, 514 Efficiency (engineering) 255, 257, 258, 293, 295, 298, 412, 432, 437–9, 449, 450, 453, 459, 471, 491, 494, 497, 514, 538, 540, 586, 587 Emerging markets, 166 Endogenous, 603 Enron, 8, 430, 431, 472, 556, 590, 605 Enterprise, 119, 128, 177, 208, 303, 557, 577, 601 Entrepreneur, 615 Environmental justice/injustice 596, 599 Environmental impact, 450, 473, 538, 585, 591, 614 Equilibrium (economics) 26, 27, 44, 80, 105, 106, 128, 131, 133, 138, 140, 148, 155, 156, 181, 308, 372, 382, 457, 458, 594 Equilibrium (engineering) 193, 196 Equities, 165 Equity, 48, 236, 285, 310, 450 ETF shares, 41 Euro, 47, 218, 219, 564 Eurocentric, 195, 344, 412, 418, 427, 428, 447, 448, 459, 463, 464, 597 European Central Bank, 52 European Union, 48, 212, 299, 579 Evolution, 403, 471, 541, 616 Exchange rate, 33, 575, 603, 612, 617 Expectations, 430, 616 Export price, 454, 455 Exports, 218–20, 273, 278, 457 Externality, 250 Extreme poverty, 78, 180, 592, 614 F Fake news award, 143, 605 Federal Reserve, 98, 137–41, 159, 160, 162, 163, 168, 557, 558, 563, 576, 577, 606 Financial calamity, 63 Financial collapse, 66, 89, 97, 98, 177, 415, 417 Financial crisis, 1, 97, 164, 172, 300, 357, 570, 575, 590, 594, 602, 614 Financial institutions, 41, 74, 97, 98, 108, 146, 155, 161, 164, 166, 173, 373, 604 Financial infrastructure, 373 Financial loop, 155 Financial markets, 2, 108, 109, 135, 148, 155, 358, 570, 590, 594 Financial services, 155 Financial system, 146, 162, 166, 358, 374, 397, 565, 595 Financial solvency, 394 Financial greed, 152 Financial gains, 264, 390 Firms, 145, 146, 282, 283, 375, 557, 561, 575 Fiscal deficit, 610 Fiscal policy, 133, 150, 152, 386 Fixed capital, 130, 247 Fixed costs, 364 Float (economics) 60, 161, 558, 575 Float (engineering) 348, 491, 529, 607 Fraction Reserve Banking, 576, 579, 581 Foreign direct investment, 85, 448 Free trade, 128, 281 Friedman, Milton, 34, 127, 132, 133, 168, 177, 380, 603, 606, 607, 612 Fungible, 31 Futures, 153, 154, 155 G Game theory, 107, 133–6, 145, 194 GDP (Gross domestic product) 82, 83, 85, 88, 91, 143, 144, 147, 150, 151, 154, 274, 277, 279, 294, 295, 310, 386, 589 General equation, 533 Generational, 138 Global efficiency, 255, 258, 325, 449, 450, 453, 497, 543 Global population, 271, 290, 566, 568, 617 Globalization, 40, 142, 202, 265, 287, 397, 403, 570, 573 GNP (Gross national product) 151, 152, 176, 294, 295, 462 Gold-based, 172 Gold-bearing, 53, 58 Gold standard, 40, 55, 67, 73, 158–63, 171, 360, 411, 413, 565, 571–5, 594, 599 Golden rule, 151 Government bonds, 175 Government debt, 90, 152–4, 577 Government expenditure, 151, 386 Greenspan, Alan, 97 Great Depression, 167–71, 308, 557–60, 606, 607, 609 Green revolution, 259, 292, 416, 417, 449, 569 H Hedge funds, 145, 155, 166 Horizontal drilling, 320 Horizontal well/multilateral, 300, 321, 353 HSSA (Honey → Sugar → Saccharine → Aspartame) Degradation, 158, 179, 183, 195, 198, 383, 482, 571, 590 HSSAN (Honey → Sugar → Saccharine → Aspartame → Nothing) Degradation, 46, 158, 590, 591, 593, 595, 596 Human capital, 466 Hunger game, 9, 133, 134, 135, 136 Hyperinflation, 562, 602, 603, 612, 614, 615, 616 Hyper rich, 59 Hyperbolic, 510 I Ibn Khaldun, 9, 12, 123, 125, 148, 357–60, 364–395, 414, 591, 594, 598, 610, 612–4 ILO (International Labour Organization) 374 IMF (International Monetary Fund) 43, 110, 111, 175, 575 Imperfect information, 106 Imports, 218, 300, 321, 457 Income inequality, 167, 397 Income distribution, 402 Income gains, 397 Income level, 80 Income tax, 40, 118, 151, 447, 558 Inequality, 167, 168, 170, 171, 177, 397, 402, 403, 547 Inflation rate, 139–42, 160, 173, 174 Inflation adjusted, 66, 171, 172 Information age, 2, 28, 39, 74, 78, 97, 107, 115, 132, 142, 153, 154, 176, 190, 197, 245, 310, 311, 360, 470, 590, 594 Innovation, 282, 359, 604, 611 Insurance, 63, 82, 92, 93, 98, 153, 155, 174, 559, 561 Intangible analysis, 16 Intangible benefit, 118, 267, 461 Intellectual argument, 352 Interest rate, 36, 74, 81, 97, 98, 137–41, 159–63, 448, 456, 469, 470, 557, 564, 574, 579–81, 596, 598, 603 International Labour Organisation (ILO) 374 International Monetary Fund (IMF) 43, 110, 111, 175, 575 International trade, 171, 360 Intervention of invisible hands, 103 Intervention of US Federal reserve, 159, 557, 598 Investment capital, 118 Invisible hand, 102–4, 107, 128, 132, 304, 308 J Job security, 463 Joint venture, 236 K Keynes, John Maynard, 100, 104, 106, 107, 109, 127–9, 146, 154, 167, 379, 575, 610 Keynesian, 177, 379, 575, 582, 614 Krugman, Paul, 145, 146, 147, 611 L Labour intensive, 146 Labour market, 366 Laissez-faire, 142, 556 Leverage, 166 LIBOR, 580 Life-cycle, 307, 326, 332, 353, 425, 501, 503, 590 Liquidity, 41, 42, 44, 168, 400, 579 Lock-step, 135 Long run, 2, 35, 105, 146, 150, 253, 315, 396, 397, 403, 573, 582, 603 Luxury, 30, 118, 352, 392, 450, 580 M Macroeconomics, 133, 393, 616 Malnutrition, 149, 470 Manufacturing, 131, 132, 152, 153, 198, 210, 316, 366, 367, 384, 385, 455, 502, 573 Marginal utility, 377 Marginal cost, 137 Market capitalization, 310 Market failure, 107 Market forces, 377 Market power, 137 Marshall Plan, 560 Marshall, Alfred, 117, 129, 376, 377, 399, 560 Marx, Karl, 3, 97, 101, 105, 106, 127, 128, 305, 306, 411, 415, 612 Median, 93, 94, 304 Medium of exchange, 28, 32, 33, 41, 42, 68, 171 Mergers, 308 Microeconomics, 360, 611 Microcredit, 136, 137, 445 Minimum wage, 111, 372, 373, 374, 413 Misery index, 81 Modelling, 462, 551 Modern philosopher, 24 Monetarism, 610 Monetary standard, 62, 358, 359 Monetary policy, 67, 139, 165, 557, 565, 576, 579, 606 Money creation, 576, 607, 613 Money demand, 612, 616 Money god, 69, 94, 95, 398 Money market, 98 Money supply, 563, 571, 614 Monopolistic competition, 304 Monopoly, 106, 309, 317 Moral compass, 26, 37, 69, 94, 385 Moral hazard, 579, 580, 613 Multiplier, 386, 578 N Nash, Jr., John Forbes, 133, 194 Nation building, 572 National debt, 2, 81, 88, 152, 153, 563 National income, 155, 559 Natural balance, 534 Natural burning, 585 Natural cycle, 10, 37, 280, 313, 504, 593 Natural transaction, 28 Negative growth, 290, 292, 566, 568 Neo-classical economics, 34, 248, 425 Neo-liberalism, 142 Neo-Nazi, 39 Network, 24, 96, 310, 319, 320, 519, 614, 685 Neutrality, 237, 251 New economics foundation, 297 New economy, 397 New golden era, 590 Nobel laureate (Chemistry) 3, 84, 196, 461, 482, 596 Nobel laureate (economics) 1, 5, 48, 71, 72, 97, 105, 106, 110, 126, 138, 142, 143, 148, 175, 401 Nobel laureate (Physics) 75 Nobel prize (Economics) 133, 137, 143, 155, 157, 191, 287, 510, 512, 605 Nobel prize (Peace) 137 Nobel prize (Physics) 191, 510, 512 Nobel prize (Medicine) 287 Nominal, 172, 372 Non-linear, 150, 260, 261, 427, 428, 483 Normative, 32 O Octane rating, 438 OECD, 86, 91, 92, 143, 144, 149, 176, 298, 299, 462, 469, 613, 618 Offshore, 327, 328, 456, 604, 605, 608, 609, 610–12, 614, 618 Oligopoly/Oligopolistic, 75, 130, 131, 180, 247, 424, 425, 458 OPEC, 278, 302, 307, 546, 547 Open economy, 603 Open-market, 139 Optimal government size, 147 Optimum, 116, 332, 403, 406 Over the counter, 166 P Pareto efficient, 106, 107 Paris Club, 462 Patents, 222 Pathway analysis, 473, 476, 586 Pathway of HSSA, 432 Pathway of sunlight, 451 Pathway of oil, 473, 474, 475 Pathway of gas, 479, 490 Peak oil theory, 8, 283, 284, 287, 288, 290, 299, 303–5, 307, 310, 311, 566, 568, 597 Perfect competition, 131 Perfect equilibrium, 155 Permanent policy option, 130, 247, 425 Phillips curve, 141 Political monopoly, 88 Population growth, 105, 202, 288–93, 296, 297, 566–9, 597 Positive economics, 606 Predatory credit policy, 177 Prisoner’s dilemma, 135 Private equity, 48, 236 Privatizing, 279 Probability, 191, 194 Producer Price Indexes (PPI) 139 Production capacity, 219, 220, 545 Profit margin, 5, 85, 95, 110, 146, 157, 182, 185, 197, 200, 217, 256, 258, 259, 260, 421, 422, 596, 597 Profiteering, 13, 89, 91–93, 143, 181, 380, 422, 451, 452 Profit maximization, 258 Propensity, 8, 114, 115, 405 Public spending, 577 Purchasing power, 159, 560 Q Quantum computing, 194 Quantum mechanics, 20 Quantum energy, 486, 487 Quantity theory of money, 603, 606, 610 Quasi-monopoly, 309 Quota, 574, 575 Qur’an/Qur’anic, 61, 119, 120, 270, 331, 336, 337, 340, 342, 344, 346, 353, 354, 355, 358, 362, 363, 365, 367, 374, 375, 380, 382, 384, 385, 387, 388, 406, 409, 446, 508, 615 R Rate of return, 118, 448, 455, 587 Rational expectations, 112, 303, 616 Rationality, 112, 113, 115, 405 Rationing, 212 Recession, 1, 89, 159, 162–4, 171, 173, 456, 557, 578 Reciprocity, 25, 26, 28, 67, 68 Rent, 105, 130, 247, 424, 561 Reserve currency, 166, 575 Reserve ratio (petroleum) 545, 547 Reserve requirement, 576 Returns, 41, 42, 47, 117, 118, 308, 365, 367, 395, 409, 447, 448, 453, 455 Risk assessment, 237 Risk management, 194 Risk premium, 400 Risk factors, 458 S Safe haven, 2, 63, 221 Savings account, 118, 137, 448 Securities, 2, 175, 559 Securitize, 40 Sex revolution, 212, 417 Shareholder value, 154 Shares, 25, 41, 67, 73, 77, 95, 130, 137, 154, 161, 247, 277, 425, 607 Shiller Robert J 1, 142, 143 Shock, 65, 149, 150, 167, 171, 219, 263, 283 Smith, Adam, 102–4, 106, 127, 128, 132, 149, 304, 367, 399, 401 Social capital, 98, 275, 276, 277 Socialism, 106, 128 Sovereign debt, 164 Sovereign wealth fund, 279 Speculation, 109, 154, 175, 380 Speculative trader, 63 Spot price, 458, 571 Stagnation (economics) 89, 403, 552 Stagnation (petroleum) 552 Stiglitz, Joseph, 48, 71, 104, 106, 110, 127, 142, 175, 295, 605 Stocks, 40, 60, 62, 71–3, 98, 143, 155, 161, 164, 285, 400, 441, 442, 570, 618 Subsidy, 264, 381, 393 Supply theory, 378 Sustainable development, 263, 396, 400, 416, 483, 562, 582, 592, 605, 612 Sustainable growth, 591 T Tangible assets, 166 Tariff, 2, 618 Tax amnesty, 146 Tax base, 150 Tax cuts, 81, 82, 146, 147 Tax free, 144 Tax holiday, 146 Tax income, 386, 558 Tax liability, 118, 447 Tax payers, 98, 143, 144, 151, 467 Tax policy, 558 Technical mentality, 75 Technological development, 76, 196, 266, 267, 459, 460, 461, 466, 467, 483, 548, 611 Technological disaster, 2, 8, 13, 84, 177, 196, 212, 416, 451, 460, 482, 483, 591, 596 Terrorism, 6, 84, 357, 430, 431 Tiger economies (Asian Tigers) 176, 472 Time series, 605, 606, 617 Trademark, 229, 293, 316 Trade Union, 374 Transfer prices, 310 Transparency, 42, 132, 180, 190, 459, 590 Treasury bond and bills, Trump, Donald J 10, 70–2, 89, 90, 142, 145–7, 200, 280, 282, 603, 605, 609, 613, 616, 617, 618 Trust, 95, 99, 118, 148, 166, 206, 447 U Uncertainty, 18, 136, 165, 379, 380, 545, 564 Unemployment, 100, 140–2, 149, 150, 162, 169, 375, 391, 397, 469, 470, 559, 601 Usury, 28, 32, 34, 137, 382, 395, 396, 397 Utility, 21, 22, 67, 101, 102, 117, 132, 136, 369, 376, 377, 379 V Value added product, 279, 434, 487 Variable costs, 365 Vertical distribution, 486 Vertical integration, 268, 310, 458 Volatility, 44, 46, 140, 166, 403, 570, 605 Voluntary equality, 305 Voluntary unemployment, 375 Zero-sum game, 135 W Wealth creation, 263, 310, 367 Wealth dispersion, 80 Wealth generation, 38, 365, 570, 596, 617 Weighted average, 549 Welfare, 9, 13, 15, 78, 107, 134 153, 175, 207, 208, 365, 367, 373, 379, 386, 404, 558, 560, 593–5, 598 World Bank, 110, 111, 142, 175, 277, 278, 310, 560, 575, 576 World Trade Center, 403 Y Yunus, Muhammad, 136, 137–9, 469 9/11 terror attack, 88, 152, 164, 357 WILEY END USER LICENSE AGREEMENT Go to www.wiley.com/go/eula to access Wiley’s ebook EULA ... History of Economics and Energy 2.1 Introduction 2.2 The European Tract of Economics History 2.3 Transition of Money 2.4 The Nature Science Tract of Economics History 2.5 Connection to Energy. .. and recession of 2007–2009, criticism of the economics profession has intensified The failure of all but a few professional economists to forecast the episode – the aftereffects of which still... clear picture of what economics of sustainable energy should entail Answer to this research question is given in Chapter and part of Chapter In Chapter 2, a delinearized history of money/wealth