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The First and Second Industrial Revolutions were about energy: steam power revolutionized 19th-century Great Britain and electric power revolutionized 20th-century America. Yet political economy, the science of wealth born of the First Industrial Revolution, is devoid of energy, focusing instead on machinery or capital. According to basic mechanics, tools per se are not productive, as they are not source of energy. This book uses basic mechanics and thermodynamics to reexamine the rise of political economy as the science of wealth in the 19th and 20th centuries. The study shows that the...

In the aftermath of the stock market crash, Irving Fisher pointed to the electrification of the U.S. industry as one of the underlying causes of the stock market boom. Earlier, in 1927, Brookings Institution economists had lamented the scant attention energy had received from economists. Today, some 60 years later, power remains the forgotten factor input. In this book, the author incorporates energy into the corpus of economic analysis. Unlike previous attempts, which were mostly theoretical, this work generates testable predictions. The result is a model of production based on the two...

For the first time, trade theory is no longer at odds with the historical record. Likewise, for the first time, trade policy is no longer at odds with the historical record. In short, this book is the first work of its kind to attempt to integrate over 8,000 years of large-scale...

Economists and historians have viewed the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as largely independent events. This work provides an integrated view of this important period arguing that all of these events were the result of the electrification of U.S. industry from 1910 to 1926. The author goes from electrification through the stock market boom to the tariffs of the late 20s to the stock market crash and depression followed by the National Industrial Recovery Act in 1933. The conclusion is that the NIRA is an attempt to correct the...

Economist Bernard C. Beaudreau, author of "Mass Production, the Stock Market Crash," and "The Great Depression: The Macroeconomics of Electrification," examines the strategic aspects of making markets using basic game theory. Drawing from the archaeological and historical records, Beaudreau documents the prevalence of coordination failures in trade in...