“…The classic argument of Soltan (1982), compares the total mass of black holes today with the total radiative output by known quasars, by integration over redshift and luminosity of the luminosity function of quasars (Yu and Tremaine, 2002;Elvis et al, 2002;Marconi et al, 2004). The total energy density can be converted into the total mass density accreted by black holes during the active phase, by assuming a mass-to-energy conversion efficiency, (Aller and Richstone, 2002;Merloni et al, 2004;Elvis et al, 2002;Marconi et al, 2004):…”