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by bwanab
3606 days ago
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All the things you mention are true and important, but they're all second derivative. The first derivative to growth between 1870 and 1970 was cheap energy - primarily oil. What happened in the 70s? The oil embargos and drastic increases in prices. Since the 1970s whenever growth gets started, oil prices rise given the new demand which triggers recession which lowers demand and on and on. Growth can continue when we develop new energy sources that are relatively inelastic to demand. |
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