Energy

Following the discussion on energy and it's economics can be quite an eye opener. Interestingly, for starters, the marginal utility of growth in the happy OECD countries is quite low. Investment towards growth by OECD could probably be better used for consumption by the poor in the developing.

Apparently, a liter of oil is equivalent to, in terms of energy, 100 man days of labor. OECD economies have high dependence on oil/gas. For OECD, switching costs to a labor-intensive setup are higher than for developing nations. But prices of oil/gas will only rise, after all, these resources are becoming scarcer. Inflation is inevitable. Energy prices will reflect in the basket of goods for life sustenance. In a global economy, income of labor (poor) won't match price rise. Substitutes for energy include energy crops. Energy crops and industrial agriculture will further push the prices of food up. Isn't poverty a curse? And I thought progress would lead to a more egalitarian society. Ubiquitous access to Information may hopefully act as a counter force. Subsequent generations will need to be more nimble, prepared, cautious, hardworking just to survive.

Ref: Eliminating the Need for Economic Growth - FEASTA