[cornholio]

> Growth is fueled by energy.

No, growth is a an economic concept that expresses our consumption in monetary terms. We could consume anything: 1 million $ worth of electricity is perfectly equivalent, as far as GDP growth is concerned, with a 1 million $ painting that requires 100Wh to make.

Coming from an energy, food and housing starved world, of course our growth seems to be energy driven, because that's what people will consume first when they acquire wealth. But there are strong diminishing returns, you only can eat so much and keep tidy so much floor space.

In fact, the substantial housing cost bubble in the Western world, far above the greenfield costs of new construction with similar comfort, suggests we already are not pricing the house itself, rather the abstract values it comes with, such as the surrounding community, available schools and jobs etc. There is no practical limit to the subjective value of these, and they don't need energy to inflate in relative value.