Fixed View Of Resource Limits Creates Undue Pessimism

M. A. Adelman, Michael C. Lynch Massachusetts Institute of Technology Cambridge, Mass. Ever since the human race began to dig for minerals, there has been worry about exhaustion. In theory, the more we remove from a limited stock, the less remains, and the harder it becomes to locate and extract additional amounts. Exhaustion forces us to roam farther and dig deeper, going from good deposits to bad and from bad to worse. Hence costs and prices must rise.

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