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Life After Growth: How the global economy really works - and why 200 years of growth are over by Tim Morgan

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Chapter 5: Growth and Risk

ONCE IT IS APPRECIATED THAT the economy is neither more nor less than a surplus energy dynamic, it becomes apparent that any decline (or, indeed, any abatement in growth) in the availability of energy poses a very major threat.

Exponential expansion is critical here. Simple though it is, the concept of exponential progression is one that people sometimes find difficult to grasp. Once understood, this principle helps us to relate to each other the massive expansions that have occurred over the last two centuries in critical determinants such as population numbers, food supplies, economic output and the consumption of energy.

Together with our appreciation of the critical role played by surplus energy in the evolution ...

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