The relationship bertween outout of work and economic well-being

Some technocrats seem to believe taht national wealth tends to be proportionate to natonal expenditure of energy, in particular, mechanical energy. A recent contributor to this journal expressed this belief. Being incompatible with foundamental tenets of price economics and at variance with observable reality, this belief calls for a critical appraisal. The relationship between energy exprenditure and economic well-being is conditioned by the general nature of economic system such as the use of capital equipment, the man-land ratio, dependence on outsiders, etc. Under market economy the relative scqrcity of a product materially affects the economic well-being of its producer. Under certain circumstances a negative correlation between energy expenditure and well- eing may be found to exist. Since the energy spent in the production of capital goods generally contributes to well-being only after a considerable time lag, correlation figures on a one-years basis may be meaningless. Creditor countries are apt to benefit from energy expenditures incurred by the debts