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== '''[[Economics]]''' ==
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The term '''economics'''  refers both to an intellectual discipline and to a profession.
==Footnotes==
 
The intellectual discipline of economics is an attempt to gain an  understanding of  the processes that govern the production, distribution  and consumption of [[wealth (economics)|wealth]], and to use that understanding to assist in the prediction of the consequences of economic activities. It uses the methodology of [[science]]  and can be considered to be a science insofar as it produces testable propositions (see [[/Tutorials#Economics as a science|economics as a science]]), although some branches of the subject are widely considered to be normative (see [[/Tutorials#Normative economics|normative economics]]). Like other sciences, it is subject to a continuing process of revision.
 
The profession of economics includes academics<ref>For a light-hearted look at the life of an academic economist, see Axel Leijonhufvud's ''Life among the Econs''[http://www.kysq.org/diss/LifeamongtheEcon.pdf]</ref>  who construct, develop and teach economic theory,  and practitioners who use economic theory  to make forecasts or to advise upon political, commercial and regulatory decisions. Its most influential application is to the management of the economy. Mistaken decisions in that context can do more damage than in most others.
 
===The methodology of economics===
The traditional methodology of economics has been  first to formulate a theory, and then to examine how far it provides  operationally useful conclusions. Its pioneers have often adopted an  [[instrumentalism|instrumentalist]] approach:  basing  a theory on arbitrary axioms - such as consistently rational human behaviour - and then advocating its acceptance solely  on the grounds that it had  provided  operationally useful results. That methodology has  proved to be vulnerable to changing conditions, however, and there  has recently been a tendency to move away  from an exclusively axiom-based  approach  towards a greater recognition  of  observed behaviour.  Among the  techniques that have been coming into use for that purpose are those of [[Philosophy of economics#Behavioural economics|behavioural economics]] and [[neuroeconomics]].
 
''[[Economics|.... (read more)]]''
 
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Latest revision as of 10:19, 11 September 2020

After decades of failure to slow the rising global consumption of coal, oil and gas,[1] many countries have proceeded as of 2024 to reconsider nuclear power in order to lower the demand for fossil fuels.[2] Wind and solar power alone, without large-scale storage for these intermittent sources, are unlikely to meet the world's needs for reliable energy.[3][4][5] See Figures 1 and 2 on the magnitude of the world energy challenge.

Nuclear power plants that use nuclear reactors to create electricity could provide the abundant, zero-carbon, dispatchable[6] energy needed for a low-carbon future, but not by simply building more of what we already have. New innovative designs for nuclear reactors are needed to avoid the problems of the past.

(CC) Image: Geoff Russell
Fig.1 Electricity consumption may soon double, mostly from coal-fired power plants in the developing world.[7]

Issues Confronting the Nuclear Industry

New reactor designers have sought to address issues that have prevented the acceptance of nuclear power, including safety, waste management, weapons proliferation, and cost. This article will summarize the questions that have been raised and the criteria that have been established for evaluating these designs. Answers to these questions will be provided by the designers of these reactors in the articles on their designs. Further debate will be provided in the Discussion and the Debate Guide pages of those articles.

Footnotes
  1. ↑ Global Energy Growth by Our World In Data
  2. ↑ Public figures who have reconsidered their stance on nuclear power are listed on the External Links tab of this article.
  3. ↑ Pumped storage is currently the most economical way to store electricity, but it requires a large reservoir on a nearby hill or in an abandoned mine. Li-ion battery systems at $500 per KWh are not practical for utility-scale storage. See Energy Storage for a summary of other alternatives.
  4. ↑ Utilities that include wind and solar power in their grid must have non-intermittent generating capacity (typically fossil fuels) to handle maximum demand for several days. They can save on fuel, but the cost of the plant is the same with or without intermittent sources.
  5. ↑ Mark Jacobson believes that long-distance transmission lines can provide an alternative to costly storage. See the bibliography for more on this proposal and the critique by Christopher Clack.
  6. ↑ "Load following" is the term used by utilities, and is important when there is a lot of wind and solar on the grid. Some reactors are not able to do this.
  7. ↑ Fig.1.3 in Devanney "Why Nuclear Power has been a Flop"

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