We may find that a green-energy future is one that lacks the vibrant economic growth to which we are accustomedEconomists teach us that resources don’t just run out. As something becomes scarcer, its price rises, triggering a search for new supplies or the discovery of substitutes. We’ve seen it happen over the past two decades in the oil market, as dwindling reserves triggered the US boom in oil derived from shale.
Some researchers argue there is a limit to how much energy a modern economy can devote solely to finding more of it. Beyond this limit, sustained economic growth becomes impossible. This link between energy and growth suggests that many of the advances that the global economy has experienced over the past two centuries have been due to the availability of cheap, high-quality fossil-fuel energy. Conventional oil and coal provided so much more energy than it took to produce that there was plenty of energy left for building cars, roads and airports, for manufacturing industrial goods, growing food, and investing in sophisticated science and medicine.
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