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" ... However, it's all consumption of energy wealth, not evidence of other productive economic activity. While the economic theory of comparative advantage says you maximize efficiency by going all-in on areas where you have the greatest comparative advantage, economic efficiency isn't the ultimate goal of life, and there are serious consequences to blindly maximizing current economic efficiency to the exclusion of all else. There is a huge qualitative difference between an economy built on natural resource extraction, where the populace is a cost center, and an economy built on productive labor by the population, where increasing capabilities of the society leads to more wealth. If you look at western countries, Japan, Taiwan, Korea, and increasingly, China, they largely developed through manufacturing, initially low cost, low value add manufacturing, moving up the chain, and ended up with vibrant, well-educated, and diverse economies (even though Japan has demographic challenges, it will still be the #3 economy in the world in 2030). The alternative is an extractive economy like Argentina, which went from 10th in the world in 1930 to a basketcase for the past 80 years. That's not to say that natural resource endowment hasn't helped some countries (like the US), but natural resource economies in the absence of local value creation don't tend to lead to well developed societies. ... "