The aim of this paper is to re-examine the energy–GDP relationship for the US for the period 1946–2000 by redefining energy in terms of exergy (the amount of energy available for useful work) and the amount of useful work provided from energy inputs. This enables us to examine whether output...

This paper proposes a new approach to growth theory. The rationale is two-fold. First of all, the old (Solow-tupe) theory is increasingly unable to explain the "stylized facts" of growth. These are well known and it is unecessary to summarize the difficulties. The second part of the rationale is...