Academic Review 2024

59 ACADEMIC REVIEW 2024

Conclusion In our global economy, producing energy is one of the main ways we achieve growth, development and welfare as a society. For many years we have been developing new ways to harness energy from our planet but we still have not found a method that eliminates all ecological problems or economic problems. This is an increasingly grave issue of global importance. Some say fusion is the holy grail of energy production, an inexhaustible source of clean energy. The extent to which fusion is a better alternative to fission can be seen in terms both of physics and economics. In physics terms, fusion is most definitely more favourable, at least theoretically. Not only do fusion reactions release four times more energy, but there are also no long-term radioactive byproducts involved and no risk of meltdowns, unlike in nuclear fission. The reason for saying ‘theoretically’ is because we have not broken even yet in terms of input and output. This is still a great challenge for scientists and engineers. When it comes to the economics, fusion definitely has the potential to achieve greater economic growth compared to fission. The reactors will be cheaper and faster to build, fusion will become the most profitable way of producing energy. This is not to forget that fission is still a very efficient producer of energy when comparing it to all our other methods. However, there are problems that come with it that fusion does not have. Such as the excessive cost of capital and the extended periods of construction, let alone the risks of market failure with the dumping of radioactive waste. This is what makes fusion preferable economically. As mentioned earlier, we can see there is a link between the abundance of energy and the rate of economic growth. This means that overall, fusion will have a greater effect on economic growth. It is a better alternative to fission because it is more convenient and there is less risk in using fusion rather than fission when creating negative externalities.

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