Mair, Simon James orcid.org/0000-0001-5143-8668 (2024) The Relationship Between Energy and Capital:Insights from The Wealth of Nations. Review of Radical Political Economics. ISSN 0486-6134
Abstract
To deliver low-carbon transitions, we must understand the dynamics of capital. To this end, I develop a theory of energy-capital relations by reading Adam Smith’s The Wealth of Nations from an energy-analysis perspective. I argue that, for Smith, capital is any resource used to support production with the intention of generating profits through market exchange. In The Wealth of Nations, capital enables access to new sources of energy and increases energy efficiency. This theory of energy-capital relations explains trends seen in historical energy data: because it is profit driven, capital does not save energy, it redirects it to new uses. This suggests that low-carbon investment can only enable a low-carbon transition if coupled to a systematic challenge to the profit drive.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2024 |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Sciences (York) > Environment and Geography (York) |
Depositing User: | Pure (York) |
Date Deposited: | 29 Nov 2024 12:10 |
Last Modified: | 21 Jan 2025 18:16 |
Published Version: | https://doi.org/10.1177/04866134241294096 |
Status: | Published online |
Refereed: | Yes |
Identification Number: | 10.1177/04866134241294096 |
Sustainable Development Goals: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:220279 |
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