Economics Archives

Energy Pros and Cons: Weighing Crude Oil, Electricity, & Nuclear

Why can’t we just substitute any form of energy for another? What’s the best kind of energy for transportation? What’s the downside of electricity? Vaclav Smil says that understanding energy is essential to understanding modern societies and economic systems. We rely on energy to power our world, yet it can’t be produced from scratch. In How the World Really Works, he weighs the advantages and disadvantages of three forms of energy. Keep reading to learn about several energy pros and cons that will help you understand why the world works the way it does.

How the World Really Works by Vaclav Smil: Book Overview

How does energy work? What about food production? Manufacturing? If you’re like most people, you don’t know the answers to these questions. How the World Really Works by Vaclav Smil explores these matters that are central to our lives but not well understood. The bottom line he wants to communicate is that the world works because of fossil fuels. Keep reading for an overview of this book that seeks to educate us about how the world functions every day.

How to Reduce Carbon Emissions: Ideas for a Cleaner Future

What’s the fastest way to reduce carbon emissions from energy use? Which causes more deaths—fossil fuels or nuclear power? Vaclav Smil argues that we need to reduce energy use in all areas—transportation, buildings, agriculture, and industry—in order to cut down on carbon emissions. Two primary ways to do so are by generating electricity from renewable sources and by using nuclear energy. Keep reading to understand Smil’s ideas on how to reduce carbon emissions in energy use and manufacturing.

How Is Food Produced? Why We Rely on Fossil Fuels for Food

How is food produced? How has food production changed over time? Can we reduce our reliance on fossil fuels to produce food? Vaclav Smil says that modern methods of food production have improved the quality of life for millions. But, it comes at the cost of burning huge quantities of fossil fuels. He discusses the history of food production as well as the role fossil fuels play in producing the food we eat. Keep reading to learn how food production works.

Why CO2 Emissions From Manufacturing Industries Are Here to Stay

What role do fossil fuels play in manufacturing? How much do renewables help? What’s the solution to carbon emissions? Vaclav Smil believes that, in manufacturing industries, fossil fuels are here to stay—at least for the foreseeable future. Even green electricity relies on manufactured materials that are produced with power from fossil fuels. But, he says there are a few things we can do to reduce the use of these materials. Read more to learn about why CO2 emissions from manufacturing industries are a reality we have to live with, at least for now.

The Natural Resource Curse—A Paradox of Wealth & Poverty

How can a country rich in resources be so poor? Why is the energy industry a bad investment for developing countries? You would think that a country rich in natural gas and oil would also be rich in money, but you’d be wrong. The natural resource curse refers to the idea that countries rich in natural resources tend to suffer the most because the money often goes to authoritarian governments, rather than the people. Read below to learn about the natural resource curse and how it came about.

Michael Shellenberger: Apocalypse Never (Book Overview)

How worried should we be about climate change? And, why is it controversial to even ask this question? For Michael Shellenberger, Apocalypse Never: Why Environmental Alarmism Hurts Us All is a chance to set the record straight about the climate situation and assess it from a rational perspective. He says it’s harmful when people distort science to push an agenda, and he’s optimistic about the planet’s future. Continue reading for an overview of Michael Shellenberger’s Apocalypse Never.

Will the US Raise the Debt Ceiling? What You Need to Know

What is the debt ceiling? Why is defaulting on the country’s debt so bad? Will Congress and the White House reach a deal to raise the debt ceiling by June? Analysts say that Congress and the White House must reach a deal to raise the $31.4 trillion debt ceiling by June to prevent the US government from defaulting on its debt. With the clock ticking and Democrats and Republicans both refusing to budge on their positions, there’s no deal in sight. Keep reading to learn why the debt ceiling is so important and why Congress and the White House are

Examples of How the Oil Curse Can Destroy a Nation

What is the oil curse? Why is having an abundance of oil a detriment to a country rather than a money-maker? In her book Burnout, Rachel Maddow explains why countries rich in oil are usually stricken with poverty. She discusses Equatorial Guinea, the United States, and Russia. Continue reading to learn how the oil curse can afflict a nation.

Vaclav Smil: Climate Change Must Be Addressed Realistically

How well do people understand the way the world works? How does this impact our assessment of climate change and its solutions? According to scientist Vaclav Smil, climate change can be slowed, but only gradually and at great expense. In How the World Really Works, he argues that this is because our current way of life relies so heavily on fossil fuels. Keep reading to understand the climate situation in the context of how the world really works.