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The Impact of Technology on the US Energy Market

Hoskin would visit nearly a dozen different Canadian homes, moving about Ontario and Quebec before arriving in the "more cultured, more civilised" Vancouver. He became a Canadian citizen and continued to create books, each one more absurd than the last. Rampa allegedly flew as an air ambulance pilot in World War II, evaded capture and torture, and fled a prison camp near Hiroshima on the day the bomb was dropped. In Vancouver, Hoskin stayed in a West End hotel. According to his secretary's self-published memoir, he liked the waterfront vistas but found Vancouver difficult to navigate. He couldn't recreate The Third Eye's success; it had been difficult to find a home that could accommodate his cats, and health difficulties required the use of a wheelchair in an inhospitable metropolis. Hoskin became more reclusive as his writings expanded to include aliens, prophecies about future conflicts, and previously unreported escapades of Christ. Hoskin moved again, this ti...
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The Impact of Technology on the US Energy Market

Hoskin would visit nearly a dozen different Canadian homes, moving about Ontario and Quebec before arriving in the "more cultured, more civilised" Vancouver. He became a Canadian citizen and continued to create books, each one more absurd than the last. Rampa allegedly flew as an air ambulance pilot in World War II, evaded capture and torture, and fled a prison camp near Hiroshima on the day the bomb was dropped.In Vancouver, Hoskin stayed in a West End hotel. According to his secretary's self-published memoir, he liked the waterfront vistas but found Vancouver difficult to navigate. He couldn't recreate The Third Eye's success; it had been difficult to find a home that could accommodate his cats, and health difficulties required the use of a wheelchair in an inhospitable metropolis. Hoskin became more reclusive as his writings expanded to include aliens, prophecies about future conflicts, and previously unreported escapades of Christ.Hoskin moved again, this time to Calgary, where he fully settled into Canadian life. As it Was, published in 1976 and adding even more dubious claims to his biography, was "Dedicated to The City of Calgary, where I have had peace, quiet, and freedom from interference in my personal affairs." He died there in 1981, giving all future income to cat charity.

Depending on your charitable bent

Hoskin was either a blatant scam artist or a naive believer in his own idiocy. While a reviewer labeled The Third Eye "juvenile fiction," some experts credit it with igniting their interest in Tibet. Tibet had long captivated the Western world; the race to sneak into prohibited Lhasa had been an exciting if morally dubious last gasp of imperial adventure, and China's brutal conquest had created a dilemma that required media attention. Hoskin was Tibet's weirdest ally in its quest for independence.He was also a pioneer of New Age nonsense, which will be believed indefinitely regardless of how many times it is refuted. According to a website dedicated to Hoskin, everything he says is "very true as you will discover if you remain open-minded." He added his rants to a bottomless sludge that drives naive believers to deadly junk science, or at the very least, an irritating belief in the efficacy of horoscopes.But if nothing else, Hoskin shown that amazing things can happen in Calgary. Ms. Greywhiskers did not survive to see Hoskin reconcile with the place of his exile, but I'll give her the ultimate word: "Canada, we all agree, is a very uncultured country, and we all long for the day when we can leave it. However, this book is not a lecture on Canada's flaws; it would require an entire library!"The COVID-19 pandemic and the economic disruptions it produced appear to have left severe and long-lasting wounds on the Canadian economy.

The most recent numbers from Statistics Canada

which measures the size of the Canadian economy until the end of 2022, suggest that we have changed to a lower growth path—one that may be felt for years or even permanently.New quarterly data on the Canadian economy, in particular, reveal a clear and significant difference between where we are today and where we were previously headed. I've plotted this below. In the fourth quarter of 2022, the economy is approximately 6.5 percent smaller than it was before to COVID.This is a huge gap. It amounts to a loss of $180 billion in output each year. That amounts to $4,500 per individual in Canada each year. It is bigger than Canada's whole energy sector.This outcome was predictable, but it was not guaranteed.More than a year ago, I wrote for Maclean's Charts to Watch in 2022, expressing concern that "future growth may, unfortunately, be lower for longer." This data will reveal if COVID has a permanent impact on Canada's economy or whether workplace innovations (such as remote work) and policy solutions (such as daycare) may improve productivity above pre-COVID levels."Where our economy goes in 2022 will give early indications about which of these two possibilities may be likely," I wrote at the time. More than a year later, the facts show that the worse of the two occurred.

Understanding the reasons that contributed to this outcome is crucial

To be clear, this is not a novel development, nor is it unique to Canada.According to recent studies, recessions can permanently disrupt an economy's growth course. This occurred in the United States following the financial crisis, for example. Canada was not spared either. A wide analysis of nearly two dozen OECD economies indicated that just a few countries experienced a permanent ratchet down.Even ordinary recessions, as opposed to large-scale ones or those resulting from financial crises, can follow this pattern.There are several possible causes. Losing a job may cause some, particularly older individuals, to permanently leave the labor force. The pandemic's long-term detrimental health consequences may also have a role. Investment could also fall, slowing the accumulation of capital assets such as machinery and equipment. And productivity growth may slow.I employ a technique known as "growth accounting" to assess the importance of each of these aspects in comprehending Canada's current condition. The intuition is straightforward.Labour and capital are essential inputs in the production of almost all commodities and services in the economy. Technology, skills, and knowledge all influence how much output we achieve for a given amount of workers and machines—that is, productivity. Each of these is (imperfectly) measured, allowing us to estimate how much increases in employment likely to raise GDP, or how much declines in capital investment effect GDP, and so forth.I do just that and discover that lagging productivity growth is the key.

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