A central puzzle in the theory of economic growth is that essentially all of GDP (gross domestic product) is paid to capital and labor, the conventional primary factors of production, but that the change in these two factors accounts for most of GDP growth (i.e. economic growth). ) unexplained. Energy consumption, properly measured, is the most important factor in explaining this unexplained residue. This allows us to understand the role of successive industrial revolutions in creating economic growth and why growth in more advanced economies has stagnated in recent decades (so-called secular stagnation).

Dr. Tiago Domingos, M.Sc. in Applied Physics (IST) and Ph.D. in Environmental Engineering (IST), is an Associate Professor of Environment and Energy at IST, University of Lisbon. He teaches or has taught courses in thermodynamics, modeling, economics and sustainable development. His main research areas are ecological economics and ecological modelling. He is chairman of MARETEC – Marine, Environment and Technology Centre, coordinator of the IST Platform for Environmental Science and Technology and coordinator of the Integrated M.Sc. in Environmental Engineering. He is the founder and CEO of Terraprima – Environmental Services, a spin-off of IST.

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