
Industrial development would have been greatly retarded if sixty or eighty years ago the warning of the conservationists about the threatening exhaustion of the supply of coal had been heeded; and the internal combustion engine would never have revolutionized transport if its use had been limited to the then known supplies of oil (during the first few decades of the era of the automobile and the airplane the known resources of oil at the current rate of use would have been exhausted in ten years).
Hayek
Previous to the emergence of man, the earth was replete with fertile soil, with trees and edible fruits, with rivers and waterfalls, with coal beds, oil pools, and mineral deposits; the forces of gravitation, of electro-magnetism, of radio-activity were there; the sun sent forth his life-bringing rays, gathered the clouds, raised the winds; but there were no resources.
Zimmermann
The confounding of physics with economics has plagued a real-world understanding of mineral resources. The phenomenon of entropy and the laws of thermodynamics rule in their domain. But there is no economic law analogous to the physical conservation of matter. There is no law of conservation of value; value is continually, routinely created by the market process. And this value creation does not deplete.
Bradley Jr.
I encourage everyone to take the time to read Robert L. Bradley's superb, brief (28 pages), and intelligible history of resource economics, Resourceship: An Austrian Theory of Mineral Resources, which, among other things, provides another example of the statist, hence authoritarian, and more politically correct than economically informed nature of mainstream economics.
See also Be Fruitful and Multiply ..., Prosperity Protects the Environment, and Peak Oil, Peak Bird Excrement, Peak Anything.
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