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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 12: Value Reduction – the Real Economy

AS THE DETERIORATION IN ENERGY returns continues, there will be relentless downwards pressure on the material prosperity of the economy. Obviously, the surge in the price of energy which began more than a decade ago is going to continue, and will be reflected in an escalation in the financial cost and physical scale of the energy-delivering infrastructure.

But the effects of costlier energy will be felt right across the economy, most obviously in sectors (such as agriculture and the supply of minerals) which have very extensive reliance on energy inputs. Indeed, no area of the economy is going to be exempt from the impact of costlier energy, with real disposable incomes falling and the costs ...

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