Monday, June 17, 2013

Quote of the day

While waiting for MAN OF STEEL to start, I was reading "Basic Economics" by Thomas Sowell.  I found this quote interesting in regards to supposed scarce resources.
"In some ultimate sense, the total quantity of resources must of course be declining.  However, a resource that would run out centuries after it becomes obsolete, or a thousand years after the sun grows cold, is not a serious practical problem.  If it is going to run out within some period that is a matter of practical relevance, then the rising present value of the resource whose exhaustion looms ahead will automatically force conservation, without either public hysteria or political exhortation."
This came after a discussion virtually all natural resources have decreased in real cost over time and increased in known reserves.

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