Increasingly as each year passes, a long overlooked and forgotten fact will move more sharply into focus: without resources there can be no economic activity. I call this the physical conception of economics: all economic activity consists in essence of converting materials in their raw state into finished products using converted energy; this includes the energy for communication, consumption, transport and distribution. In essence the economic process is first and foremost a process of converting resources. But it matters very much - not solely for ecological reasons - what resources we use and how we use them.
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