Physical Macroeconomics: Part I - Basic Concepts

Abstract

This article is the leading one in a series of articles describing the results of 15 years of independent research by the author. This series presents the updated and expanded results of these studies, which were previously presented in the book “Natural Science Foundations of Macroeconomics: The Global Economy as a Living System” (Faculty Management Press, Warsaw 2018).

Keywords: physical macroeconomics, living systems, macroeconomic cycle, value theory, primary energy, economic efficiency

JEL Classification: E30, E60, F41, O11, O40, Q43