How Wages are Linked to Energy Consumption: Data and Theory
How do economic analyses account for the roles and impacts of both the cost and quantity of natural resource consumption?
This question has been debated perhaps as long as there has been the profession of economics. Before the use of fossil fuels, early “classical” economists knew that most products of interest, such as food and building materials, came from the land as it harnesses the energy from the sun. Thus, land as a natural resource was front-and-center to economic thinking.