A method to estimate the cost and construction energy of tokamak fusion power stations based on the present, early stage of fusion development is described. The method is based on first-wall heat load constraints rather than beta limitations, which could eventually be the more critical of the two. The economic efficiency of pure fusion is discussed, with particular reference to a European study. It is shown that the claims made therein for the economic prospects of pure fusion with tokamaks, when discussed on the basis of present-day technology, do not stand up to critical examination, A fusion-fission hybrid, however, could afford more positive prospects. This method is also effective when it is properly applied for cost estimation of advanced gas-cooled and Magnox reactors, the very examples presented by the European study to “disprove” it.