Edward Chancellor: "The Price of Time"
The Great Simplification with Nate Hagens
00:00
The Decline of Productivity in Europe
productivity, in my opinion, is a function of innovation and technology combined with the massive energy surplus we get from fossil fuels. We've taken those latter two things for granted because we've always had more and it's generally been cheaper. But productivity growth peaked 50 years ago at exactly the early 70s when also oil production growth peaked. And what we're doing is trying to keep all the demographics and the various aspects of society fed and happy and stabilized by artificially low interest rates or too big to fail guarantees.
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