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Global energy and materials are essential to the functioning of the economy and have significant implications for macroeconomics and the environment. At the same time, the world is not on track to meet Paris Agreement goals. This paper documents two stylized facts that connect these observations. First, the world economy is characterized by large embedded emissions and materials: different energies and materials are deeply entwined and interdependent. This has historically led to additive – rather than substitution – dynamics in energy and materials on a global scale. Second, historically there has been a strong positive correlation between efficiency in resource use and total resource use at a global scale. We synthesize these observations by introducing the Generalized Jevons Paradox (GJP). We argue that the GJP reflects the direct and indirect energy/material demand effects of long-term energy and material interdependencies, themselves shaped by market and geoeconomic power, trade arrangements, and financi