Consistent with human experience over the last several centuries, conventional wisdom holds that innovation and technology have all but eliminated the limits to economic growth. But new scholarship – from outside the realm of traditional economics – contends that this is not true.
Standard neoclassical economics is a failure and is driving many of the crises facing our world.
To the extent that stock prices reflect expectations of future value, investors don’t like the prospects for oil, and oil’s demise signals muted prospects for economic growth.