Technocracy Inc. "energy credits"

[whayse1]

Can someone who is better versed in economics than I am please give me your thoughts on the “price system” and “energy credit” ideas of the group Technocracy Inc? It seems to me from what I have read that they basically think that our economic “price system” is faulty and should be replaced with a system of “energy credits.” The basic premise, that as it requires fewer labor-hours to produce consumer goods, the supply will outpace the demand and eventually, as technology advances, far fewer workers will be needed, makes sense to me. Here is a link to Wiki with some insight on the group.

http://en.wikipedia.org/wiki/Technocratic_movement

Their idea of tying the exchange rate to an actually valuable commodity (energy) makes much more sense than our current fiat system to me but, since I know very little about economics, I am eager to hear input from others.

Some of the other ideas, such as rule by a bureaucracy of a technically adept elite, seem a little creepy to me but some of the other ideas seem fairly logical.

Any input on this organization and their ideas is welcomed. Their website is currently down but I have checked it out and it has a lot of interesting stuff on it.

[Ryokan]

See the wikipedia criticism and the planned economy criticisms. I echo those.
The biggest problem I see is their idea of "abundance" is deeply flawed.

[lindenosk]

The main idea of the energy credit system is to eliminate the inefficiency and inequality of the price system. No matter how abundent or otherwise our resources are, including them as part of a business market will not result in them reaching their maximum usefulness for the maximum number of people.
This is because there will be a business incentive to either overproduce to allow for more sales or underproduce to drive up price. Maximum efficiency could occur if production exactly equaled consumption and this is what the technocracy system seeks to do.