ABSTRACT
Electrification in the early twentieth century dramatically improved productivity and increased the well-being of the industrialized world. No longer a luxury—now a necessity—electricity powers the machinery, the computers, the health-care systems, and the entertainment of modern society. Given its benefits, electricity is inexpensive, and its price continues to slowly decline (after adjusting for inflation—see Figure 1.1). Cost of U.S. electricity adjusted for inflation to year 2000 U.S. dollars. https://s3-euw1-ap-pe-df-pch-content-public-u.s3.eu-west-1.amazonaws.com/9781315215556/12c75129-6d35-4ec7-b52a-bc458e53992c/content/fig1_1.tif"/> (Data from U.S. city average electricity costs from the U.S. Bureau of Labor Statistics.)
