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Exergy, power and work in the US economy, 1900–1998

Listed author(s):
  • Ayres, Robert U
  • Ayres, Leslie W
  • Warr, Benjamin

Conventional economic growth theory assumes that technological progress is exogenous and that resource consumption is a consequence, not a cause, of growth. The reality is different and more complex. A ‘growth engine’ is a positive feedback loop involving declining costs of inputs and increasing demand for lower priced outputs, which then drives costs down further, thanks to economies of scale and learning effects. In a competitive environment prices follow. The most important ‘growth engine’ of the first industrial revolution was dependent on coal and steam power. The feedback operated through rapidly declining fossil fuel and mechanical power costs. The advent of electric power, in growing quantities and declining cost, has triggered the development of a whole range of new products and industries, including electric light, radio and television, moving pictures, and the whole modern information sector. The purpose of this paper is to reformulate the idea of the ‘growth engine’ in terms of the service provided by energy inputs, namely ‘useful work’, defined as the product of energy (exergy) inputs multiplied by a conversion efficiency. We attempt here to reconstruct the useful work performed in the US economy during the twentieth century. Some economic implications are indicated very briefly.

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File URL: http://www.sciencedirect.com/science/article/pii/S0360544202000890
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Article provided by Elsevier in its journal Energy.

Volume (Year): 28 (2003)
Issue (Month): 3 ()
Pages: 219-273

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Handle: RePEc:eee:energy:v:28:y:2003:i:3:p:219-273
DOI: 10.1016/S0360-5442(02)00089-0
Contact details of provider: Web page: http://www.journals.elsevier.com/energy

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  1. J. Daniel Khazzoom, 1987. "Energy Saving Resulting from the Adoption of More Efficient Appliances," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 85-89.
  2. Jorgenson, Dale W, 1996. "Empirical Studies of Depreciation," Economic Inquiry, Western Economic Association International, vol. 34(1), pages 24-42, January.
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  5. Ayres, Robert U. & Ayres, Leslie W. & Martinás, Katalin, 1998. "Exergy, waste accounting, and life-cycle analysis," Energy, Elsevier, vol. 23(5), pages 355-363.
  6. William D. Nordhaus, 1996. "Do Real-Output and Real-Wage Measures Capture Reality? The History of Lighting Suggests Not," NBER Chapters,in: The Economics of New Goods, pages 27-70 National Bureau of Economic Research, Inc.
  7. Brookes, L. G., 1993. "Energy efficiency fallacies: the debate concluded," Energy Policy, Elsevier, vol. 21(4), pages 346-347, April.
  8. Herring, Horace, 1999. "Does energy efficiency save energy? The debate and its consequences," Applied Energy, Elsevier, vol. 63(3), pages 209-226, July.
  9. Robert Ayres, 1998. "Towards a Disequilibrium Theory of Endogenous Economic Growth," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(3), pages 289-300, April.
  10. Harty D. Saunders, 1992. "The Khazzoom-Brookes Postulate and Neoclassical Growth," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 131-148.
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