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Life After Growth: How the global economy really works - and why 200 years of growth are over by Tim Morgan

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Chapter 6: The Real Threat

THE ABILITY OF THE POLITICAL and economic mainstream to dismiss the issue of peak oil diverts attention from the real risks to society and the economy, risks which lie not in the absolute volumes of energy which will be available in the future, and less still in the proportion of original reserves which remain, but rather in the relationship between gross energy supply and the energy cost of accessing that supply. Analysis conducted using the critical equation EROEI – the energy return on energy invested – reveals that the availability of surplus energy is already in very sharp decline.

No apology whatsoever need be made for reiterating that, whilst an absolute decline in available energy volumes is not the immediate ...

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