What did Jevons theorize about efficiency increases in energy production?
Lower Consumption
Equal Consumption
More Consumption
Variable Consumption
Answer
Efficiency increases initially lead to greater consumption, as the new technology allows more output for the same cost, driving demand. Over time, the more efficient technology results in lower prices and reduced costs, driving down consumption as people use less to achieve the same task, or shift to cheaper alternatives.
Unlocking the Genius of William Stanley Jevons: A Voyage Through Economic Thought and Logical Mastery