A time-varying aggregate efficiency converts the energy-GDP relation into a general thermodynamic model that corrects earlier claims of a constant 50-year link and reveals a 1970 historical minimum.
J.: Long-run evolution of the global economy – Part 2: Hindcasts of innovation and growth, Earth System Dynamics
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A new monetary metric is found in the thermodynamic relation between energy and GDP
A time-varying aggregate efficiency converts the energy-GDP relation into a general thermodynamic model that corrects earlier claims of a constant 50-year link and reveals a 1970 historical minimum.