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Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book. Refresh and try again. Open Preview See a Problem? Details if other :. Thanks for telling us about the problem. Return to Book Page. Wealth, Virtual Wealth and Debt is a book by the Nobel prize-winning chemist Frederick Soddy on monetary policy and society and the role of energy in economic systems.
Soddy criticized the focus on monetary flows in economics, arguing that "real" wealth was derived from the use of energy to transform materials into physical goods and services. Soddy's economic writing Wealth, Virtual Wealth and Debt is a book by the Nobel prize-winning chemist Frederick Soddy on monetary policy and society and the role of energy in economic systems.
Soddy's economic writings were largely ignored in his time, but would later be applied to the development of ecological economics in the late 20th century. In his book Wealth, Virtual Wealth and Debt: The Solution of the Economic Paradox a book that presaged the market crash of Soddy pointed out the fundamental difference between real wealth - buildings, machinery, oil, pigs - and virtual wealth, in the form of money and debt.
Soddy wrote that real wealth was subject to the inescapable entropy law of thermodynamics and would rot, rust, or wear out with age, while money and debt - as accounting devices invented by humans - were subject only to the laws of mathematics. Rather than decaying, virtual wealth, in the form of debt, compounding at the rate of interest, actually grows without bounds. Soddy used concrete examples to demonstrate what he considered this flaw in money economics in his book.
Unlike wealth, which is subject to the laws of thermodynamics, debts do not rot with old age and are not consumed in the process of living. On the contrary, they grow at so much per cent per annum, by the well-known mathematical laws of simple and compound interest It is this underlying confusion between wealth and debt which has made such a tragedy of the scientific era.
Get A Copy. More Details Original Title. Other Editions 3. Friend Reviews. To see what your friends thought of this book, please sign up. Lists with This Book. Community Reviews. Showing Average rating 3. Rating details. Sort order. Feb 24, Frankie Paige rated it really liked it.
It's definitely dated shillings and gold standard, not to mention the language , but still surprisingly accessible. It's also the first book I've ever read on the subject and I've studied economics , that made me feel like I actually understood how money worked on a global scale. There are no discussion topics on this book yet.
About Frederick Soddy. Frederick Soddy. Books by Frederick Soddy. As dedicated readers already know, some of the best and most innovative stories on the shelves come from the constantly evolving realm of young ad Read more Trivia About Wealth, Virtual W No trivia or quizzes yet. Welcome back. Just a moment while we sign you in to your Goodreads account.
Wealth, Virtual Wealth and Debt : The Solution of the Economic Paradox
Harrod, Frederick Soddy, F. Most users should sign in with their email address. If you originally registered with a username please use that to sign in. To purchase short term access, please sign in to your Oxford Academic account above. Don't already have an Oxford Academic account? Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide.
Wealth, Virtual Wealth And Debt