The thermodynamic revolution in economics also suggests a different conceptual slicing of human productive activity, an alternative to the triumvirate of land, labor, and capital that is offered by neoclassical theory. All economic value is produced by intelligence operating on matter using energy. Capital—the tools and equipment we use to increase

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have left out all the other things people think about when they decide what to own, e.g., taxes, risk, and any benefits an asset provides, like the value of living in your house or looking at a painting. People will take all of these things into account when making decisions. For this post, I want to concentrate two things: 1) there will be a struc

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