Many people think mistakenly that modern prosperity was founded on this fossil energy revolution, and that when the oil and coal is gone, it is back to the Stone Age. If we had no fossil energy, then we would be forced to rely on an essentially unlimited amount of solar power, available at five times current energy costs.
Our living standard would decline by about 11 percent.
At current rates of economic growth we would gain back the income losses from having to convert to solar power in less than six years.
This is Gregory Clark, via Economist's View.