Standard of Living Related to Energy Usage

SUMMARY

1. A study of 133 countries shows that a high standard of living is consistent with high energy usage. It makes no difference whether the energy is wasted or used efficiently. Presumably, the normal logic of avoiding waste is automatically effective.
            2. High energy producing countries, which have a surplus for export, are also among the highest in standard of living.
            3. Another factor for increasing standard of living is a high concentration of foreign bank accounts. However, the effect is limited by population, so that only small countries such as Luxembourg are appreciably affected.
            4. The study also implies that industrialization, with the export of manufactured goods, also develops a high standard of living.