The only problem with doly's addition to the world3 model was using EROEI solely for energy use when that isn't case in practice. As for whether or not a model based on what energy used is based on, cost, with it's components including EROEI, is easier to criticize, that depends on the changes in the model. It would certainly be more complex, but that doesn't mean it would be more or less accurate than the previous iteration. It depends. The only way to find out would be to try then wait.
Quinny wrote:Real wealth is represented by goods that people can utilise in some way and food they can eat etc. produced by the application of energy to raw materials. You don't seem to accept this and assume that wealth can be measured by abstract concepts such as GDP.
GDP includes goods that people can utilize as well as food they can eat and raw materials used in their production. It also includes services, what people do and how much they get paid to do them, because without those, we can't utilize raw materials to make goods and foods.
Quinny wrote:Following the collapse in value of major industrial concerns and financial institutions can you really not see the danger of introducing 'funny money' into a model?
The collapse of the different financial institutions has nothing to do with funny money and everything to do with fraud. Lenders made incredibly risky loans, which were labeled as totally safe investments, and the value of these institutions went up until it became obvious that they were sitting on a pile of lead rather than a pile of gold, at which point they fell like dominoes.