Are we running out of exhaustible resources? There are periodical concerns about scarcity – in a new paper with , , and Alex Pfeiffer we show that (unsurprisingly?) near-term exhaustion of commodities is unlikely. papers.ssrn.com/sol3/papers.cf #EconTwitter
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We construct a new database of 48 economically-relevant commodities from 1957–2015, including estimates of worldwide production, reserves and prices. For almost all commodities, we find no trend in prices and exhaustion, while production has increased.
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Price signals appear to have guided consumption and provided incentives for innovation and substitution. Concerns about depletion appear less important than concerns about externalities, such as pollution and conflict, and ecosystem services where price signals are often absent.
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I'm definitely going to use this in ECON 381 - why doesn't Hotelling's Rule hold? Stuff isn't yet scarce!
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Have you ever read a paper (or seen a talk) where you feel the author is reading your mind?
Like any concern is immediately addressed right after it crosses your mind?
I think that is a hallmark of great writing, and I have a theory about it.
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We’re at the place where baby is dropping her third nap, but it’s inconsistent, so her bedtime is either like 6pm or 9pm.
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