https://redlib.catsarch.com/r/stupidpol/comments/1sds2jf/neoclassical_economics_has_lulled_us_into_a_false/

In this post, Steve Keen details how economists have underestimated the importance of energy, fertilizer, and helium to the global economy, and predicts that the Iran war will cause a global depression if it doesn’t end soon.

Mainstream economists believe that energy is unimportant to the economy, and that reducing the world’s energy supply by 10% would reduce GDP by only 0.5%. In reality, the correlation between GDP and energy consumption is almost 1:1, and reducing energy by 10% will cause a 10% decline in GDP. Buckle up.