Reference no: EM133252242
Economists attempt to make mathematical models of market behaviors in today's world, but also in order to understand how societies acted before today's technologies and legal systems evolved.
We've just begun to discuss the fossil fuel revolution, which occurred most importantly in 18th century Europe, where a concurrent mechanical/industrial revolution saw the creation of large-scale industrialization for the first time in human history.
When Professor Ganley introduces the phrase "opportunity cost," for example, he does so at the beginning of the section on the medieval economy.
So is it simply true that the terms of economic analysis can be applied to any situation at any time in history?
1) Yes, because the concepts we've reviewed so far -- opportunity cost, mode of production, allocation of resources, price, rent, etc. -- are ways to describe human interactions no matter where or when.
2) No, because the fundamental change in power relations that occurred when the EREOI of fuels was amplified 30+ times made previous economic thinking utterly obsolete.
3) Yes, but some terms are just not valuable any more.
4) No.
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