Meteor over Vermont exploded so "violently," it shook buildings

Sophie Lewis 2 hrs ago

A fireball traveling at 42,000 miles per hour streaked across the night sky above Vermont on Sunday night, creating a spectacular light show. The meteor "fragmented so violently," it shook buildings across the state and produced a loud boom, NASA said.

© Jeremy LaClair / YouTube screen-shot-2021-03-10-at-9-31-48-am.png

NASA said on Facebook that over 100 eyewitnesses reported details of the meteor in Vermont around 5:38 p.m. ET. It first appeared about 52 miles above Mount Mansfield State Forest, moving 33 miles through the upper atmosphere, before burning up 33 miles above Beach Hill, in Orleans County.

It said the space rock was likely a fragment of an asteroid. It was so intense, it could be heard for miles, as it shook homes and cars.

"As the object penetrated deeper into the atmosphere, pressure built up on its front while a partial vacuum formed behind it. About 30 miles up, the pressure difference between front and back exceeded its structural strength," NASA Meteor Watch said. "The space rock fragmented violently, producing a pressure wave that rattled buildings and generated the sound heard by those near the trajectory."

Witnesses also reported tremors on the ground, which NASA attributed to a pressure difference.

"Such a pressure wave can also couple into the ground, causing minor 'tremors' that can be picked up by seismic instruments in the area; the wave itself can be detected by infrasound (low-frequency sound that can travel great distances) stations," the space agency said.

Three nearby stations reported that the meteor released the energy equivalent of 440 pounds of TNT. Based on its speed and distance, scientists estimate the object weighed about 10 pounds, with a diameter of 6 inches.

One witness noted on Facebook that it sounded like "big trucks crashing" while another described feeling the house shake and hearing a "quick higher pitch shrieking."

Another Facebook commenter said they were thrilled to witness such a rare event, saying it was "extremely bright and absolutely spectacular!"

"A nice little firework, courtesy of Mother Nature," NASA said.

LIKE THE OTHER METEORITES THAT LANDED THIS PAST WEEK SUCH AS IN GLOUCHESTER UK, THE CAME FROM AN ASTEROID

Asteroid twice the size of the CN Tower to make fastest ...

https://www.ctvnews.ca/sci-tech/biggest-fastest-known-asteroid-to-pass...

2021-03-06 · Asteroid 231937 was discovered on March 23, 2001, by the Lincoln Near-Earth Asteroid Research program in New Mexico, according to NASA. It orbits the …

         

New Bloom Magazine | Radical Perspectives on Taiwan and the Asia Pacific

ABOUT NEW BLOOM

New Bloom is an online magazine covering activism and youth politics in Taiwan and the Asia Pacific, founded in Taiwan in 2014 in the wake of the Sunflower Movement. We seek to put local voices in touch with international discourse, beginning with Taiwan,

The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage

(Opinion)

Author: George Georgiev Last Updated Jan 31, 2021

Despite all the attention that Bitcoin saw following all those institutions discussing it and jumping aboard, we are very, very early on in crypto’s lifecycle.

The debate as to whether or not we are still very early on in the cryptocurrency space is one that’s been going on for quite some time. For some reason, a lot of people tend to tie it up to the current pricing of different cryptocurrencies – something, that in my opinion, has nothing to do with the bedrock of the conversation.

We’re in a bubble. Well, at least most of us are in a bubble. And I’m not talking about prices.

The Bitcoin Bubble

Whether you realize it or not, we’re in a bubble. Me, you, and everyone who has dedicated a large portion of their time to the crypto sphere. And no, this has nothing to do with prices.

We follow what’s going on – it’s our passion. We read the news, we debate on Crypto Twitter, we dive into DeFi, we ape into shitcoins with 0 prior research on the off chance that they can 100x in an instant (we’ve all done it at least once, let’s be honest.)

We’re excited that public companies are starting to put BTC on their balance sheets, and we’re also looking forward to the launch of Ethereum 2.0. We divide ourselves into factions – those who support nothing but Bitcoin, those who support everything but Bitcoin, and all those in between.

My point is – we are in this space. Like, truly in it. And this, at least for me, oftentimes makes me think that cryptocurrencies are going forward, that they are venturing deeper into the mainstream. But are they really?
“More and More People Ask Me About Bitcoin” Narrative

How many times have you seen your favorite Twitter influencer say that more and more people are asking them how to buy bitcoin? Honestly, I feel like this is something I read daily, but here’s my problem.

First of all, I don’t bite it. I’m a social guy, I’ve got a lot of friends, and I’m perhaps the only one who’s in crypto among my peers. And to be quite frank with you, most of the time, it’s me who starts the conversation on Bitcoin or other cryptos – not the other way around. But that may just be me.

Let’s assume, though, that all of it is true. Does this mean there are people who are looking to get into crypto? Not necessarily. I asked a friend the other day about his new Audi Q8 SUV – am I going to buy an Audi Q8? Not really, I’m just curious. There’s a huge gap between interest and action. Think about it this way – you’ve surely liked someone at some point in your life, and yet, we all know that it takes a stomach to go and talk to them. Perhaps this example is a bit far-fetched, but you get the point.

I was talking with a colleague of mine a week back about Bitcoin’s price and why is it that people are more interested in it when it’s at ATH – you know, the “buy high” heard mentality. He told me that he had at least 30 people ask him how to buy Bitcoin back in the Covid19 crash last March, and out of them, only one actually went ahead and bought it.

I know this is an anecdotal example, and the facts are coming below, but my point is that if we step aside from our bubble that is the crypto industry, we’ll quickly find out that the only thing that the overwhelming majority of people know about Bitcoin (let alone other projects) is its price.

Now. Facts. This post was inspired by a quiz I saw on Twitter.

Mr. Beast Asking his Followers About Crypto

In case you haven’t heard of MrBeast, he’s among the most popular YouTubers, and with over 52 million subscribers, his channel is one of the largest on the platform. I’m a fan of his – the videos he does are anything but generic, his content is fun, engaging, and he’s a representative of that new wave of entrepreneurs where giving back is just as important as earning. At least that’s the impression I’m left with after following him for a few years now.

I was very pleasantly surprised when I saw him putting Bitcoin in his bio just like Musk and Dorsey did.

Yesterday, while drinking my morning coffee, I stumbled upon a quiz of his:

“Do you hold any Bitcoin or other crypto? Retweet so we can get a larger sample size! I’m curious” – he asked.

Now, I didn’t see the results immediately, though I was sure that the majority of people would have said yes. After all, I assume that MrBeast’s primary audience consists of young people due to the nature of his content. And I’ve seen hundreds of quizzes in Crypto Twitter on the same subject, and it’s always the majority owning crypto.

This is how the results look like:



Out of more than half a million people, about 60% said they do not own crypto. I was honestly shocked at first, perhaps because I was so sure of the results being the other way around.


Let’s also see some other surveys. We reported back in 2020 that only 3.86% of UK’s general population holds crypto, according to an FCA survey. And the bulk of it owns less than 260 GBP worth of it. I know that it’s not necessary to own crypto to be aware of it, but still. Less than 4% sounds pretty low to me.

In any case, my point is that we are still very, very early on. In fact, we’re so early on that most of us can’t comprehend how early on we are. At least I can’t.
Final Thoughts

Is all of this good for crypto? I’d assume it is. After all, it’s a nascent industry, and Rome wasn’t built in a day.

Do we have much to offer? We sure do. GameStop, anybody? Is there a lot of work? There are years of work left ahead. Remember, centralized cryptocurrency exchanges are not the answer to what happened this week. And decentralized exchanges have a LONG way to go before they’re able to provide a simple-enough UX so that the average Joe can start using them. And of course, that’s just the tip of the iceberg – there are plenty of merits behind decentralization.

I remain more eager than ever to see how it all pans out, and even if it turns out I’m wrong, it would surely have been an exciting journey.

About The Author

George Georgiev
More posts by this author
Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

Twitter Purge: Major Cryptocurrency Accounts Suspended (Updated)

Author: George Georgiev Last Updated Mar 10, 2021 

Twitter has suspended major cryptocurrency-related accounts en masse for no apparent reason as of yet.

In an interesting twist of events, Twitter, the social media platform spearheaded by Jack Dorsey, one of Bitcoin’s most influential proponents, has now suspended some major cryptocurrency-related accounts.

• Twitter has suspended numerous accounts that are related to cryptocurrencies.
• Some of the most popular ones include those of PlanB, the creator of the Bitcoin Stock-to-Flow Model, Willy Woo, one of the most influential Bitcoin and crypto analysts, as well as Carl ‘The Moon’ Runefelt – an influential trader and crypto proponent.

• Others include the account of the self-proclaimed WSB Chairman, as well as that of well-known influencer Koroush AK.
• At the time of this writing, there’s no information as to why those accounts are being suspended.
• As a precaution against this, other influencers are now beginning to turn their account settings to private.
• Speaking on the matter was Loma, a cryptocurrency trader with over 100,000 followers, who said that his account is now private “cause Twitter bots and mass reporters (?)”
• This isn’t the first time a centralized content-sharing platform has censored crypto-related accounts for no apparent reason.
• Last year, YouTube was doing the same thing, suspending accounts and shadow-banning Bitcoin-related videos.
• This comes as somewhat of a surprise, though, because Jack Dorsey, the CEO of Twitter, is well-known for being one of Bitcoin’s most influential proponents.

UPDATE:

• PlanB’s account has been restored. He commented on the matter:

• Willy Woo’s account has also been restored but, at the time of this writing, his followers’ count is not fixed.

SPECIAL OFFER (Sponsored)Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

ICELAND IS DOING THIS
U of A researcher pitches mineral carbonation as solution to climate change to U.S. policy makers

CBC/Radio-Canada 

© John Ulan/University of Alberta Sasha Wilson, a University of Alberta biogeochemist, urged U.S. policy-makers in December to look at removing mass amounts of carbon from the atmosphere by turning it into rock.

In December, Sasha Wilson sat in front of U.S. policy-makers to lend her expertise in the battle against climate change by suggesting it's possible to remove gigatonnes of carbon from the atmosphere and turning it into rock.

Scientists have warned that all countries must reach net zero carbon emissions by 2050 or sooner to avoid the worst consequences of climate change. The Canadian government pledged to do so as part of the 2015 Paris Agreement.

Wilson, a biogeochemist and an associate professor in the Faculty of Science, is studying how mineral carbonation can suck carbon dioxide, a heat-trapping gas, from the atmosphere.

Wilson and her colleagues with the American non-profit Energy Futures Initiative recommended the United States scale up research and development of mineral carbonation by setting up a large network of test sites.

"In the U.S. there's been a lot of movement in the last year or so toward implementing mechanisms for carbon dioxide removal from the atmosphere," she told CBC's Edmonton AM on Tuesday. "There's been a lot of investment so far."

Mineral carbonation is a natural process where carbon dioxide reacts with minerals to form harmless carbonates.

As carbon dioxide dissolves in rain water, the water becomes acidic and dissolves rock on the earth's surface releasing magnesium and calcium into lakes, rivers and oceans.

Those minerals react with the carbon dioxide in the atmosphere and create carbonates. Calcium carbonate is the chief constituent of limestone, while calcium-magnesium carbonate is dolomite and potassium carbonate is potash.

While scientists have understood the process for a long time, they are now looking at using it to pull out large quantities of carbon from the atmosphere, Wilson said.

"It's something we know works and serves as a permanent store of carbon dioxide," she said.

There are two methods of pulling carbon from the atmosphere, one is above ground where pulverized rock, mining waste, captures atmospheric carbon dioxide. The second involves injecting carbon gathered from the air or industrial waste beneath the earth's surface.

Underground injection is mentioned in Episode 1 of Netflix docuseries Down to Earth which Zac Efron filmed at the Hellisheidi Geothermal Plant in Iceland. The episode shows how excess carbon is diluted in water and then piped deep into the ground where it fuses with the volcanic rock and solidifies.

Wilson says there is potential to scale up mineral carbonation to a billion tonnes a year by the end of the century, but it would require all of the waste streams of carbon dioxide and mineral wastes that Canada produces.

"There are benefits to doing it, for instance improved soil fertilization, and we can use some of the products we make, but we need to make sure we make balanced decisions about land use," she said.

Bangladesh TV hires country's 1st transgender news anchor

DHAKA, Bangladesh — A Bangladeshi satellite television station has hired the country’s first transgender news anchor, saying it hopes the appointment will help change society.

© Provided by The Canadian Press

Tashnuva Anan Shishir, who previously worked as a rights activist and actress, debuted on Dhaka-based Boishakhi TV on Monday, International Women’s Day. She read a three-minute news bulletin, and after finishing cried as her colleagues applauded and cheered.

“I was very nervous, I was feeling so much emotional, but I had in my mind that I must overcome this ordeal, this final test,” Shishir, 29, said in an interview Tuesday.

Born Kamal Hossain Shishir, she said she found in her early teens that she was stuck in a man’s body and behaved like a woman. She said family members, relatives and neighbours started teasing her and she was bullied and sexually exploited.

She started feeling that it was impossible to continue living and attempted suicide, she said.

The worst thing that happened was that her father stopped talking to her, saying she was the reason that her family was losing face, Shishir said.

“I left home,” she said.

She moved from her family's house in a southern coastal district to live a solitary life in the capital, where she underwent hormone therapy, worked for charities and acted with a local theatre group. In January, she began studying public health at a Dhaka university, which she is continuing alongside her job at the TV station.

Bangladesh officially has more than 10,000 transgender people, but activists say the actual number is much higher in the nation of more than 160 million people. The LGBT community faces social isolation, sexual abuse and other forms of harassment. Finding employment is very difficult, and many live by begging or selling sex.

Since 2013, the government of Prime Minister Sheikh Hasina has allowed transgender people to identify themselves as a separate gender. They were given voting rights in 2018.

Some changes are already visible.

In November, a charity group opened Bangladesh’s first Islamic school for the transgender community.

Boishakhi TV said it wanted to be part of the changes and has hired a second transgender person in its drama department.

“Our prime minister has taken many steps for the transgender people. Encouraged by such steps, we have appointed two transgender people, We want the attitude of society to change through these appointments,” said Tipu Alam Milon, the station's deputy managing director.

Julhas Alam, The Associated Press

STOP KILLING PREDATORS THEY ARE CANADIANS

Montana considering legislation to kill at-risk wildlife

Li Cohen

Gray wolves were removed from the endangered species list less than four months ago. But now, activists say their populations, as well as other endangered wildlife in Montana, may be at risk as the state considers a series of legislative bills that set out to expand trapping and hunting regulations.

 

© Dawn Villella / AP Killing Wolves

Several bills are currently being weighed by legislators that would impact wolves and grizzly bears, both of which have historically struggled to maintain populations in the area.

HORRIFIC TORTURE 

Impacting the wolves, the state's House has passed two bills, HB 224 and HB 225, which would allow wolf snaring and lengthen wolf trapping season for an additional 30 days.

The state's Senate has passed two bills that have a more direct goal of reducing the wolf population.

SB 314 would establish hunting and trapping regulations that would allow all but 15 breeding pairs of wolves to be killed. Under this bill, any individual with a single wolf hunting or wolf trapping license would be allowed to "harvest" an unlimited number of wolves, and would permit individuals to use artificial light and night vision to hunt wolves on private land at night.

SB 267 would establish what the Humane Society equates to a "bounty system," in which people with hunting licenses can be reimbursed for the money they spent on hunting or trapping wolves.

Wolf populations in Montana have long suffered from trapping and hunting. In the late 1930s, settlers had poisoned and killed all of the wolves in the state, and by the mid-1900s, wolves had almost completely been erased in 48 states. It wasn't until the 1980s that wolves were able to start establishing populations again in northwestern Montana, according to the National Park Service.

THEY WERE IMPORTED FROM ALBERTA!!!

It is estimated that there are only 850 wolves throughout the state, according to The Associated Press.

© Provided by CBS News The most endangered species on Earth 57 photos


YOU CAN REPLACE CATTLE YOU CAN'T REPLACE GRIZZLIES, WHO ROAM THE ROCKIES AN AREA MONTANA SHARES WITH ALBERTA 

Grizzly bears, which are protected and considered threatened under the Endangered Species Act, are also at risk of being impacted by the bills under consideration. While it is illegal to kill a grizzly bear in Montana unless it is in the act of killing livestock, SB 98 — which the state Senate has already passed — would allow grizzlies to be killed if they are believed to be "threatening" a person or livestock. The bill also insists that the grizzly population in the state has recovered and "should be removed from the federal endangered species list."

Another bill that is set to be heard in Montana's House Judiciary Committee on Friday seeks to take a more overarching approach to controlling wildlife in the state. The bill, HB 367, would amend the state constitution so that citizens would have primary control of managing wildlife populations through hunting, fishing and trapping.

CBS News has reached out to the primary sponsors of the bills for comment.

The Humane Society of the United States has argued that the bills are an "unprecedented attack" on the state's animals and that if passed, Montana will be joining "an outright war against wildlife."


Amanda Wight, program manager for wildlife protection for the Humane Society, said in a statement that the "sheer number and extent" of the bills are an attempt to "usurp biologists ... and declare war on wolves, bears and sound science."

"If these come to fruition, we are talking about a mass slaughter of wildlife, jeopardy to ecosystems, and a steep loss to the massive tourism economy and local jobs," Wight said. "This attack serves as a stark reminder of the horrors wolves in the rest of the country could face now that their federal protection under the Endangered Species Act has been removed."

Kitty Block, president and CEO of the Humane Society, said in a February 19 blog post that these bills "are cruel and completely unnecessary, and they benefit no one but a handful of trophy hunters and trappers."

"Wolves, bears and other wildlife these bills target are far more valuable to Montana alive than dead because they bring valuable tourist revenue," Block said. "They are beloved by many Montanans and by the majority of Americans who flock to Montana to see these animals in the wild."

MONTANA SHARES THE ROCKIES WITH ALBERTA

PREDATORS ARE MORE LIKELY TO BE CANADIAN THAN AMERICAN

Just Energy files to restructure in Canada after Texas freeze hit

(Reuters) - Electricity and gas provider Just Energy Group Inc said it was restructuring under the Companies' Creditors Arrangement Act in Canada and plans to file for Chapter 15 bankruptcy in the United States after a hit from the Texas deep freeze last month.

The company said it also reached an agreement with one of its lenders for a $125 million debtor-in-possession financing to meet its regulatory obligations in North America, including payments required by the Electric Reliability Council of Texas.

All services to customers across the Ontario-based company's North American operations will continue without interruption and there will be no impact on customers' bills or daily operations, Just Energy said on Tuesday.

Last month, it raised doubts about its ability to continue as a going concern and forecast a $250 million hit from the winter storms sweeping across Texas.

It had warned that increased demand for electricity and rolling blackouts forced it to balance power supply at very high clearing prices.

Electricity prices in Texas soared last week as utilities scrambled to meet a surge in heating demand during the historic winter storm and prompted regulators to cap prices.

Just Energy, which counts Pacific Investment Management Company (PIMCO) as its biggest shareholder, is the latest firm to suffer from the unusually U.S. cold weather.

Brazos Electric Power Cooperative Inc, the largest and oldest electric power cooperative in Texas, filed for bankruptcy protection in Houston last week, citing a disputed $1.8 billion debt to the state's grid operator.

Meanwhile, Canada's Innergex Renewable Energy and Algonquin Power & Utilities Corp, operating in the area, said they expected losses related to wind farms.

Trading was halted in Just Energy's Canadian and U.S-listed stocks earlier on Tuesday.

(Reporting by Arathy S Nair in Bengaluru; Editing by Shinjini Ganguli)

WE OWN IT WE WANT TRANSPARENCY

Energy regulator invites comment on Trans Mountain pipeline's insurer secrecy request

CALGARY — The Canada Energy Regulator is inviting public comment on a request by the operator of the Trans Mountain pipeline to protect the identity of its insurers, with the comment period extending beyond the requested deadline.


© Provided by The Canadian Press

In an online post, the federal regulator says it will accept comments on the proposal from the public until March 22 and Trans Mountain will be able to file reply comments until March 25.
 

In its initial filing in February, the federal government-owned pipeline company said it needed a response from the CER by March 15 so it would have time to complete its annual financial resources plan update, including the certificate of insurance which normally names its insurers, before April 30.

 

It argued there is evidence that "certain parties'' are using filings in the regulator's database to identify insurers and pressure them to drop their policies for the pipeline.

The CER says it received comments from B.C. environmentalist Robyn Allan and the Stand.earth organization opposing the request and decided to open a comment period. It didn't say when a decision would be made.

Trans Mountain said it experienced a significant reduction in available insurance capacity in 2020 and, when it found partial replacement policies, it had to pay a significantly higher cost.

 

Its filing came as Indigenous youth in Vancouver blocked the entrances of buildings housing insurance companies to demand they stop insuring the pipeline.

This report by The Canadian Press was first published March 9, 2021.

The Canadian Press

LABOUR THEORY OF VALUE

Lessons from the farming revolution:

 Why oil and gas productivity matters

Special to Financial Post 3/10/2021

By Mark Milke and Lennie Kaplan

© Provided by Financial Post The Harvesters (July–August) by Pieter Bruegel the Elder.

In life we often take a lot for granted. Exhibit A: the technological revolution that gave us modern farming. Being a farmer centuries ago was best illustrated by Flemish artist Pieter Bruegel the Elder. His The Harvesters , painted in 1565, shows labourers gathering wheat and tying up the stacks by hand.

That was then. But over the past 100-plus years, farming across most of the world moved from backbreaking labour for men, women, children and animals alike to increased mechanization. Fields formerly worked by hand or by hoof have more recently been tilled and harvested with mechanized vehicles such as tractors and combines. That change, and many others, brought greater yield per hectare, more food to sustain growing populations worldwide and, usually, more income for farmers.

Farmers producing much more food with much less effort is an example of how capital investment — in this case in machinery — can boost labour productivity and lead to a much better life for all. For, as the Business Council of British Columbia puts it, “a country’s standard of living ultimately depends on its labour productivity, that is, its ability to generate the highest possible level of income or output per unit of labour input …”

SEE

The Brenner debate : agrarian class structure and economic development in pre-industrial Europe : Aston, T. H. (Trevor Henry) : Free Download, Borrow, and Streaming : Internet Archive

Canada’s most productive industry is the oil and gas sector. Despite energy price gyrations over the past two decades, oil and gas has continued to be an important contributor to Canada’s labour productivity and therefore higher living standards for Canadians.

Why labour productivity is high in oil and gas is no mystery. What drives productivity are a skilled work force, innovation and capital investment. Oil and gas has all three in abundance but, in particular, workers in the sector use prodigious amounts of capital. Think of Bruegel’s farmers: 20 people cutting and bundling wheat by hand produce much less per hour than 20 people driving combines. Even one person driving a combine can massively out-produce 20 people working by hand.

It’s the same in the oil and gas sector. All the capital investment, including in machinery and technology, to extract much more oil and gas from deep underground with less labour is what leads to high per-hour outputs. The dollar value of oil and gas sector output does fluctuate depending on both the price of petroleum and how close the industry is operating to its capacity. But despite these ups and downs labour productivity in the sector is consistently high. It was $936 per hour in 2000, dropped to $402 per hour in 2012 but rose again to nearly $700 per hour as of 2019, the most recent year for which this statistic is available.


THE LABOUR THEORY OF VALUE
To be clear, workers in the industry, though they do well, don’t make that much money per hour. A large chunk of what they produce goes to paying for the capital and innovation that make their output so high. But they can’t be paid high wages on a sustained basis unless their productivity is high, which is why in the long run labour productivity is key to living standards. 

Some sub-sectors in oil and gas extraction have lower productivity than that nearly $700 per hour, some higher. For example, labour productivity in pipeline transportation was “just” $414 per hour in 2019, while in conventional oil and gas extraction it was $514 per hour and in non-conventional extraction, i.e., the oilsands, it was fully $1,090.

EVEN IF AN OIL OR GAS PLANT WORKER WAS EARNING $100 AN HOUR (ONLY WITH OVERTIME ACTUALLY)THAT MEANS THE EMPLOYER STEALS THE REAL VALUE, SURPLUS VALUE OVER AN ABOVE WAGES AND BENEFITS,A WORKER CREATES, THIS IS LIVING CAPITAL. IT PRODUCES WEALTH.

DEAD CAPITAL, MONEY, BUILDINGS, TECHNOLOGY ALL BECOME DEVALUED IN COMPARISSO TO LIVING CAPITAL (AS LABOUR)

BOTH ADAM SMITH AND KARL MARX USED THE LABOUR THEORY OF VALUE

In comparison, the average labour productivity for all Canadian industries taken together was only $60 per hour in 2019. Again, that’s an average so some industries did better: labour productivity per hour was $196 in mining, $169 in telecommunications, $149 in real estate, $77 in finance and insurance, $75 in motor vehicles and $68 in aerospace products and parts. On the other hand, some industries did worse, including agriculture, forestry, fishing and hunting at $54 per hour, transportation and warehousing at $51, construction at $49, retail sales at $33, arts, entertainment and recreation at $28 and food services at just $23 per hour.

To put things in relative terms, labour productivity in oil and gas extraction, at $700 per hour in 2019, was nearly 12 times the all-industry average of just $60 per hour. That kind of productivity, like the revolution in farming over centuries, can also easily be taken for granted. But that would be a mistake. While labour productivity isn’t the easiest concept to grasp, it matters — a lot.

Higher labour productivity in oil and gas extraction has led to Canadians doing much more with less — their homes are a lot easier to heat with natural gas than chopped wood — but also to significantly higher wages, higher investment by industry, more taxes and royalty revenues for governments, and much, much else that contributes to our high standard of living.

Mark Milke and Lennie Kaplan are with the Canadian Energy Centre, an Alberta government corporation funded in part by carbon taxes. Their recent report is $60 vs. $700 per Hour: Labour Productivity in Oil and Gas Extraction Compared with Other Industries.

MARK MILKE WAS A RESEARCH WRITER FOR THE FRASER INSTITUTE 

WORKING OUT OF CALGARY NOW HE WORKS SHILLING FOR BIG OIL 

AT TAXPAYER EXPENSE STILL IN CALGARY