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== '''[[Macroeconomics]]''' ==
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'''Macroeconomics''' is the study of the national [[economy]] viewed as a single interactive system.  It is concerned, not with individual transactions,  but with economy-wide aggregates, including national income, the rate of inflation and the unemployment rate.  At the theoretical level it  seeks  to explain how national income grows, how it fluctuates and what then happens to prices and unemployment.  At the positive level it tests competing theories against the evidence provided by economic statistics,  and it estimates the numerical relationships required to construct forecasting models. At the application level it considers what policies would serve to promote economic stability and growth and full employment.
==Footnotes==
 
Since a national economy is too complex to analyse for those purposes,  macroeconomics uses  simplified versions which ignore those  components  that are thought to have relatively little influence upon the question under consideration.  The initial  procedure  postulates the way that the components of the system interact and deduces from those postulated relationships,  how the system as a whole may be expected to behave.  That deductive process is normally followed by the use of  evidence and inductive reasoning to  test, either the relationships  themselves,  or the deduced behaviour of the system.
 
''[[Macroeconomics|.... (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. Countries, organizations, and public figures that 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"