The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. – F.A. Hayek
Posted in Resources on Aug 13th, 2010
… here in the Adirondacks. And what has come to mind to me are two things. One is a quote that I cannot remember where I read it or who originally penned it. “The Stone Age did not come to an end for lack of stone.” Second, sitting here staring up at the mountains does [...]
Posted in Resources on Jul 3rd, 2010
Scientists and economists now estimate that natural resources account for less than 2% of the value of computer chips, and now less than 40% of the value of a car. The share of value we produce coming from our brains is far greater than that coming from material goods and brawn – and this trend [...]
Posted in Resources on Mar 8th, 2010
Look at what has happened to the scarcity of arsenic over the past 100 years. (aside: arsenic is normally thought of as a poison, but even poisons have use. Arsenic is commonly used in pesticides, insecticides, plumbing, and a host of other uses. If you view arsenic as pure evil, then should be hoping that [...]
Posted in Resources on Feb 18th, 2010
Look at what has happened to the scarcity of phosphorous over the past 100 years. My student Andy Bowman writes As the global population exceeds 6.6 billion people, the need to feed the ever expanding population has placed an increased burden on the agricultural industry. Technological advances in farming and irrigation have streamlined food production, [...]
Posted in Resources on Feb 1st, 2010
Look at what has happened to the scarcity of antimony over the past 100 years. (aside: antimony is a metal that when used as an alloy can substantially harden materials, it is commonly used in batteries and in semi-conductor production among myriad other uses) The top chart adjusts nominal antimony prices to account for the [...]
Posted in Resources on Jan 5th, 2010
Look at what has happened to the scarcity of industrial diamonds over the past 100 years. The top chart adjusts nominal diamond prices to account for the general rise in prices since 1900 using a measure of the CPI’s broad inflation index. The bottom chart takes a different approach to adjust the diamond data. It [...]
Posted in Resources on Jan 4th, 2010
Look at what has happened to the scarcity of salt over the past 100 years. The top chart adjusts nominal salt prices to account for the general rise in prices since 1900 using a measure of the CPI’s broad inflation index. The bottom chart takes a different approach to adjust the salt data. It looks [...]
Posted in Resources on Jan 3rd, 2010
Look at what has happened to the scarcity of tin over the past 100 years. The top chart adjusts nominal tin prices to account for the general rise in prices since 1900 using a measure of the CPI’s broad inflation index. The bottom chart takes a different approach to adjust the tin data. It looks [...]
Posted in Resources on Jan 2nd, 2010
Look at what has happened to the scarcity of bacon over the past 100 years. The top chart adjusts nominal bacon prices to account for the general rise in prices since 1900 using a measure of the CPI’s broad inflation index. The bottom chart takes a different approach to adjust the bacon data. It looks [...]
Posted in Resources on Jan 1st, 2010
Look at what has happened to the scarcity of aluminum over the past 100 years. The top chart adjusts nominal aluminum prices to account for the general rise in prices since 1900 using a measure of the CPI’s broad inflation index. The bottom chart takes a different approach to adjust the aluminum data. It looks [...]
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