from The Daily Bell:
Energy, Security, and Climate … CFR experts examine the science and foreign policy surrounding climate change, energy, and nuclear security. Bad News for Pessimists Everywhere: Malthus Was Wrong … There is a tempting intuition to the idea that the real prices of non-renewable goods like coal, iron ore, or oil should rise, more or less, forever. It’s an easy argument to make, and it sounds right … Supply of the stuff is limited—once it’s gone, it’s gone. So, this argument goes, as we exhaust our resources, we’ll have to mine, drill, or otherwise get our hands on it somehow but it will get more and more expensive to do so, because we’ll have exhausted the best stuff. Left to exploit ever-greater quantities of ever-more-marginal deposits, prices will rise indefinitely into the future. – CFR blogs
Dominant Social Theme: It’s running out.
Free-Market Analysis: The Council on Foreign Relations deservedly or not has a reputation in “conspiracy circles” for being an elite facility that has considerable influence on US policies. But leaving that aside, the CFR often provides support for free-market arguments. Such is the case in this article, excerpted above.
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