Modern industrial civilisation has created massive interdependencies which define it and without which it could not function. We all depend on industrial farming to produce the food we eat, we depend on gasoline being available at the gas station,  on the availability of electricity and even on the bread supplied by the local baker. Naturally, we tend to support the institutions that supply the amenities and goods to which we have become accustomed: if we get our food from the local supermarket, it is likely that we would be opposed to it’s closure. This means that the economic system that relies on continuous growth enjoys implicit societal support and that nothing short of environmental disaster or a shortage of essential raw materials will impede it’s growing indefinitely. It is not hard to work out the consequences of this situation!

Overview of Part G Ch 27 to 30 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

THE NEW SCIENCE OF PLEASURE Daniel L. McFadden NBER Working Paper 18687

Peak oil will occur when it is too expensive to bring oil to the surface and not when reserves reach their limit. Companies must make a profit to be able to extract oil and stay in the oil business.  However, that endeavour is becoming more and more difficult because of diminishing returns. They have to dig ever deeper to get to the oil  at ever increasing costs, and the oil they find deep down is of a lesser quality.  We have now reached a point where the price needed by oil companies to make a profit and stay in business is far higher than the price  the market can bear. That price is probably about $ 100 per barrel - and rising every year! A market price o $ 100 will almost certainly cause a sharp recession and cause the price of oil to fall back beyond the point of profitability. For example, the combined profit of ExxonMobile, Chevron and Conocophillips fell from 80.4 billion in 2011 to only 3.7 billon in 2016 - see URL below. What the market can bear depends on the spending power of the mass of non-elite workers. The CLD shows the negative feedback loops that prevent oil prices to rise above the level of  affordability. If non-elite workers cannot afford the goods and services offered,  then there will be no demand for them and by extension for oil.  In this situation the market price will not the cover the cost that oil companies need to extract oil. Oil supplies will decline and so will economic activity!

https://srsroccoreport.com/the-blood-bath-continues-in-the-u-s-major-oil-industry/

 Goodwin cycle IM-2010 with debt and taxes added, modified from Steve Keen. THis can be extended by adding the Ponzi effect of borrowing for speculative investment.

Ocean/atmosphere/biosphere model tuned for interactive economics-based simulations from Y2k on.

An initial study of the economics of single use coffee pods.

Scott Page's Aggregation diagram from Complexity and Sociology 2015 article see also IM-9115 and SA IM-1163