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Steve Keen: “Mythonomics”
The Great Simplification with Nate Hagens
A Barrel of Oil Is 11 Years Worth of Work Potential
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A barrel of oil is five point seven million british thermal units worth of energy potential. If you translate that to work, 17 hundred, 60 kilowat hours of work where you and i digging ditches or hauling manure or building a house,. around zero point six kiloatours worth of energy in a day. Yet we pay a hundred dollars for it. And the average laborer in the united states makes 50 thousand dollars a year. We're generating four or five years of physical labor from this barrel of oil. That all we do is pay for the cost of extraction, not the cost of creation, the pollution. How does an economist not see and understand what i just
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