Machines and Energy. Energy Capital ratios in Europe and Latin America 1875 - 1970
The relationship between energy and capital is one of the most important aspects of modern economic growth. Machines need energy to produce all the goods we enjoy; energy would be far less useful for humankind in absence of machines. However, the great majority of the economic models do not take into account the elasticities of substitution (or complementaries) between these two main variables. Ac
