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197. Principles of Economics: Interview with Jimmy Song
The Bitcoin Standard Podcast
Understanding the Marginal Impact of Different Energy Sources
Valuations for water and diamonds differ because the choice is never between the two in the aggregate. Applying the same reasoning to energy, it is misleading to focus on aggregates. While solar energy is abundant, it cannot easily be converted into high power like what is needed for cars or hot water. Converting solar energy requires sophisticated machinery and energy-intensive production, including burning coal and hydrocarbons for raw materials and final outputs.
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