A Planet Money guide to 5 fascinating new econ papers
Summary
NPR's Planet Money highlighted five recent economics papers in their newsletter. One paper, by Nicholas Muller, focuses on the history of firewood's role in the American economy. It details how firewood was the primary energy source in the U.S. until coal became more prominent.Key Facts
- Nicholas Muller is an economist from Carnegie Mellon University.
- His paper is titled "Firewood in the American Economy: 1700 to 2010."
- Firewood was the main energy source in the U.S. until around 1860.
- Around 1860, firewood accounted for 85% of energy consumption in the U.S.
- Coal production increased in the 1830s but was initially more expensive than firewood.
- Coal became the main energy source by 1900, making up 71% of energy use.
- After World War I, coal's dominance decreased as oil and natural gas became more popular.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.