rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Energy and the Financial System
    sub title: What Every Economist, Financial Analyst, and Investor Needs to Know
  name:
    name part: Boyd, Roger.
    role:
      role term: creator
    role:
      role term: author.
  name:
    name part: SpringerLink (Online service)
  type of resource: text
  origin info:
    place:
      place term: gw
    date issued: 2013
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: electronic
    form: electronic resource
    reformatting quality: access
    form: remote
    extent: VII, 80 p. 12 illus. in color. online resource.
  abstract: The modern financial system was developed to support the rapid economic growth that took off about 200 years ago with the phenomenal amounts of cheap energy made available through the exploitation of fossil fuels. As a result, its viability is completely dependent upon the continuation of that growth. Unfortunately, the more recent fossil fuel discoveries, especially for oil, have tended to have lower production levels than earlier ones. In addition, greater amounts of energy are required to extract the fossil fuels leading to less net energy available for society. The Energy Return On Investment (EROI) for oil has fallen from 30:1 in the 1970's to 10:1 today. Thus, newer energy finds produce lower extraction rates and more of the energy provided is offset by the energy used in the extraction processes. The result has been economic stagnation or even contraction, with growth in China and India etc. only possible due to the extensive use of local coal reserves, and recession-induced drops in OECD country energy use. Renewable sources of energy will not be able to expand fast enough to replace the 87% of energy supplies provided by fossil fuels, and apart from hydro and wind, tend to have very low EROI rates. They are also critically dependent upon the cheap energy infrastructure provided by fossil fuels. The phenomenal amounts of path-dependent energy infrastructure will also greatly inhibit any move away from fossil fuels. Without continued economic growth there will not be the extra output to fund loan interest payments, nor the revenue and profit growth to support share price/earnings multiples. The financial system acts as a time machine, creating asset prices based upon perceptions of the future. As an increasing percentage of investors come to accept the future reality of at best, financial asset prices will fall to reflect a realistic future. The resulting crash will remove the underpinnings of the banking, brokerage, mutual fund, pension fund, and insurance i…
  table of contents: Chapter 1. The Nature of the Problem -- Chapter 2. It takes Energy to get Energy -- Chapter 3. It’s the flow stupid! -- Chapter 4. A Financial System Addicted to Exponential Growth -- Chapter 5. So What Can I Do? -- Index.
  note: by Roger Boyd.
  subject:
    topic: Finance
  subject:
    topic: Energy policy
  subject:
    topic: Energy and state
  subject:
    topic: Fossil fuels
  subject:
    topic: Energy industries
  subject:
    topic: Economic growth
  subject:
    topic: Environmental economics
  subject:
    topic: Finance
  subject:
    topic: Finance, general
  subject:
    topic: Energy Policy, Economics and Management
  subject:
    topic: Energy Economics
  subject:
    topic: Economic Growth
  subject:
    topic: Fossil Fuels (incl. Carbon Capture)
  subject:
    topic: Environmental Economics
  classification: HG1-HG9999
  classification: 332
  related item:
    title info:
      title: Springer eBooks
  related item:
    title info:
      title: SpringerBriefs in Energy
  identifier: 9783319042381
  identifier: http://dx.doi.org/10.1007/978-3-319-04238-1
  record info:
    record creation date: 140129
    record change date: 20151204141222.0
    record identifier: 978-3-319-04238-1