Collapse, No. Huge Losses, Guaranteed
by Gary North
I did a search on Google for “economic collapse” and “2011.” I got over 7 million hits.
I read a short piece on the probability of social collapse. The author argues that complex systems require more energy. At some point, there is not enough energy to sustain the system. Then it collapses.
This argument is implicitly based on the second law of thermodynamics, which teaches that energy moves from kinetic (stored) energy to dissipated energy, never to return. The system moves from complex back to simple. It moves from low entropy to high entropy. It moves from order to disorder.
The argument became popular briefly in 1983 when far-left gadfly and perpetual co-author Jeremy Rifkin co-authored a book titled Entropy: A New World View. He argued that the world’s economy is running out of energy, so the environment cannot sustain economic growth, and therefore the U.S. government must intervene to stop economic growth. He surely called on the correct institution to stop economic growth. No other institution comes close in this specialization.
You can buy a used copy of this book on Amazon for a penny. It’s overpriced.
I wrote a book refuting Rifkin in 1988, Is the World Running Down? You can read it free here.