“If resources are not fixed but created, then the nature of the scarcity problem changes dramatically. For the technological means involved in the use of resources determines their creation and therefore the extent of their scarcity. The nature of the scarcity is not outside the process (that is natural), but a condition of it.”
– Tom DeGregori (1987). “Resources Are Not; They Become: An Institutional Theory.” Journal of Economic Issues, p. 1258.
“Those in the mineral-resource world think in terms of proved, probable, and speculative quantities. Should another category be added–resourceship–that would make such supply open-ended? Unless peak-oil proponents can demonstrate peak-resourceship, open-endedness should be elevated in the debate.” (below)
The confounding of physics with economics has plagued a real-world understanding of mineral resource developments. The phenomenon of entropy and the laws of thermodynamics rule in their domain.…
Julian Simon (1932–98) is the worldview scholar most associated with this blog. MasterResource takes its name from Simon’s characterization of energy as the master resource and human ingenuity as the ultimate resource.
This post reproduces some quotations in the ‘ultimate resourceship’ literature to illuminate the contra-Malthusianism worldview that a greater number of people is the solution, not the problem, in free-market settings.
“The world’s problem is not too many people, but a lack of political and economic freedom.”
– Julian Simon, The Ultimate Resource 2 (Princeton, N.Y.: Princeton University Press, 1996), p. 11.
“Discoveries, like resources, may well be infinite: the more we discover, the more we are able to discover.”
…– Simon, The Ultimate Resource 2, p. 82.
“The business voices change, the decades change, but the arguments are familiar. Problem is, the global average temperature today is not appreciably higher than when Ken Lay penned his op-ed. The year 1998 would be the temperature peak, in fact, that marked the beginning of ‘the pause‘.”
Henry Paulson began his recent New York Times opinion-page editorial, “The Coming Climate Crash,” as follows:
“There is a time for weighing evidence and a time for acting. And if there’s one thing I’ve learned throughout my work in finance, government and conservation, it is to act before problems become too big to manage.”
Ken Lay ended his Houston Chronicle opinion-page editorial of December 5, 1997, “Let’s Have an Ounce of Global-Warming Prevention,” [1] similarly:
…“It’s time to stop debating the issues surrounding climate change initiatives and focus instead on simple, realistic, cost-effective solutions.