Suppose I connect a battery to a lamp in the usual way. Obviously, electric power will go from the battery to the lamp, causing the lamp to light up. But exactly what path does the power take to get there? Does it go through the wires? Does it go through the space around the wires?
I know of two different answers to this question, and they seem to contradict each other. Let me explain...
The electrician's model
There seems to be a standard way of thinking about how electric power works, and I'm going to refer to this as "the electrician's model."
We pick a particular potential (usually ground potential, but we can pick anything) and use this as our reference potential. The amount of power going through any given wire is determined by the formula $P = IV$, where $I$ is the current going through the wire, and $V$ is the potential of the wire minus the reference potential. If the wire's potential is higher than the reference potential, then the wire is carrying power in the same direction as conventional current; if lower, it's carrying power the opposite way. If the wire's potential is equal to the reference potential, it's not carrying power at all, regardless of how much current it's carrying.
Theoretically, you can choose the reference potential arbitrarily. In the scenario with the battery and the lamp, if you take the negative wire as reference, then all the power goes through the positive wire, and if you take the positive wire as reference, then all the power goes through the negative wire. Or you could even choose a completely different potential, and you'll end up with yet another answer. Fortunately, the amount of power that a wire is carrying doesn't actually have any physical significance, so we're free to choose whatever reference potential makes our job the easiest.
To anyone who's worked with electrical wiring, this model makes perfect sense. It's obviously correct... or is it?
The Poynting vector model
I recently learned that there's another, completely different answer to the question. Simply take the cross product of the electric field and the magnetic field, and the resulting vector field—the Poynting vector—tells you the amount and direction of power flow at every point in space.
However, this model gives us a seemingly bizarre answer to the question of how power gets from the battery to the lamp. According to this model, most of the power is actually going through the space around the wires, since that's where the electric and magnetic fields are. In fact, if the wires are perfect conductors, then the electric field inside them is zero, so none of the power is going through the wires. I can stick a wooden spoon in the middle of the circuit, and power will travel through the spoon!
This model sounds very weird, but I admit that being weird doesn't mean it's actually wrong.
The contradiction
Here's the problem, though. Let's take the positive wire of the circuit as our reference potential. Then the electrons in the negative wire have a positive amount of energy due to where they're located in space. Since the electrons have energy, and they're moving, they must be carrying power. This seems to prove that the power really is going through the wire. No matter what reference potential we choose, we come to the conclusion that the power is going through the wires, not the space around them. That seems like a contradiction.
So what's going on here? Is one model right and the other one wrong? Are they both simply equally valid ways of accounting for the same power transfer?
(I first thought of this question a while ago, and I've learned more about the topic since then. I'm writing the question from the perspective of myself before I learned about it, and I'll write an answer describing what I know now.)