Scarcity and Abundance on This Thanksgiving Day
Nov 26th, 2008 by wintercow20
Cal Beisner found that when floppy computer discs were around that also happened to have word processors on them, they were selling for around $450. These floppy discs embodied only ONE CENT’s worth of petroleum and sand.
Similarly, the value of extracted resources as a share of US GNP in 1890 was aboit 50%. Today that is less than 4%.
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