Thursday, June 11, 2015

This is Very Bad for the Economy


The long term energy share of GDP has been going down and down. In my view, what is happening is that we have been getting more and more efficient at obtaining energy products over time, so that we have been able to get ever larger quantities of energy products with ever-smaller shares of GDP. Recently this has turned around, and this is very bad for the economy, because now we are getting less efficient at obtaining energy products. The economy needs a rising total quantity of supplemental energy products to leverage human labor. As we become less efficient at obtaining these products, we have a huge problem getting enough of them. - Gail Tverberg

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