This article is from the Scientific Skepticism FAQ, by Paul Johnson Paul@treetop.demon.co.uk with numerous contributions by others.
Magnetic motors have a clever arrangement of magnets which keeps the
motor rotating forever. Not surprisingly, whenever someone tries to
build one, the motor rotates for a while and then stops -- this is
usually attributed to the magnets "wearing out". These motors usually
rely on using magnets as low-friction bearings, meaning the "motor"
can coast for a long time, but it doesn't supply any power. Magnetism
is like gravity; you can store potential energy and get it back, but
you can't get more energy no matter what you try.
 
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