The Simon–Ehrlich wager was a 1980 scientific wager between business professor Julian L. Simon and biologist Paul Ehrlich, betting on a mutually agreed-upon measure of resource scarcity over the decade leading up to 1990. The widely-followed contest originated in the pages of Social Science Quarterly, where Simon challenged Ehrlich to put his money where his mouth was. In response to Ehrlich's published claim that "If I were a gambler, I would take even money that England will not exist in the year 2000" Simon offered to take that bet, or, more realistically, "to stake US$10,000... on my belief that the cost of non-government-controlled raw materials will not rise in the long run."
Natural resources are resources that are drawn from nature and used with few modifications. This includes the sources of valued characteristics such as commercial and industrial use, aesthetic value, scientific interest, and cultural value. On Earth, it includes sunlight, atmosphere, water, land, all minerals along with all vegetation, and wildlife.
The Limits to Growth is a 1972 report that discussed the possibility of exponential economic and population growth with finite supply of resources, studied by computer simulation. The study used the World3 computer model to simulate the consequence of interactions between the Earth and human systems. The model was based on the work of Jay Forrester of MIT, as described in his book World Dynamics.
Resource depletion is the consumption of a resource faster than it can be replenished. Natural resources are commonly divided between renewable resources and non-renewable resources. The use of either of these forms of resources beyond their rate of replacement is considered to be resource depletion. The value of a resource is a direct result of its availability in nature and the cost of extracting the resource. The more a resource is depleted the more the value of the resource increases. There are several types of resource depletion, including but not limited to: mining for fossil fuels and minerals, deforestation, pollution or contamination of resources, wetland and ecosystem degradation, soil erosion, overconsumption, aquifer depletion, and the excessive or unnecessary use of resources. Resource depletion is most commonly used in reference to farming, fishing, mining, water usage, and the consumption of fossil fuels. Depletion of wildlife populations is called defaunation.
Overconsumption describes a situation where a consumer overuses their available goods and services to where they can't, or don't want to, replenish or reuse them. In microeconomics, this may be described as the point where the marginal cost of a consumer is greater than their marginal utility. The term overconsumption is quite controversial in use and does not necessarily have a single unifying definition. When used to refer to natural resources to the point where the environment is negatively affected, it is synonymous with the term overexploitation. However, when used in the broader economic sense, overconsumption can refer to all types of goods and services, including manmade ones, e.g. "the overconsumption of alcohol can lead to alcohol poisoning". Overconsumption is driven by several factors of the current global economy, including forces like consumerism, planned obsolescence, economic materialism, and other unsustainable business models and can be contrasted with sustainable consumption.
Julian Lincoln Simon was an American economist. He was a professor of economics and business administration at the University of Illinois from 1963 to 1983 before later moving to the University of Maryland, where he taught for the remainder of his academic career.
Cornucopianism is the idea that continued supply of the material needs of humankind can be achieved through continued advances in technology. It contends that there is enough matter and energy available for practically unlimited growth.
The exploitation of natural resources describes using natural resources, often non-renewable or limited, for economic growth or development. Environmental degradation, human insecurity, and social conflict frequently accompany natural resource exploitation. The impacts of the depletion of natural resources include the decline of economic growth in local areas; however, the abundance of natural resources does not always correlate with a country's material prosperity. Many resource-rich countries, especially in the Global South, face distributional conflicts, where local bureaucracies mismanage or disagree on how resources should be utilized. Foreign industries also contribute to resource exploitation, where raw materials are outsourced from developing countries, with the local communities receiving little profit from the exchange. This is often accompanied by negative effects of economic growth around the affected areas such as inequality and pollution
Malthusianism is a theory that population growth is potentially exponential, according to the Malthusian growth model, while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population decline. This event, called a Malthusian catastrophe has been predicted to occur if population growth outpaces agricultural production, thereby causing famine or war. According to this theory, poverty and inequality will increase as the price of assets and scarce commodities goes up due to fierce competition for these dwindling resources. This increased level of poverty eventually causes depopulation by decreasing birth rates. If asset prices keep increasing, social unrest would occur, which would likely cause a major war, revolution, or a famine. Societal collapse is an extreme but possible outcome from this process. The theory posits that such a catastrophe would force the population to "correct" back to a lower, more easily sustainable level. Malthusianism has been linked to a variety of political and social movements, but almost always refers to advocates of population control.
Post-scarcity is a theoretical economic situation in which most goods can be produced in great abundance with minimal human labor needed, so that they become available to all very cheaply or even freely.
Human overpopulation is the idea that human populations may become too large to be sustained by their environment or resources in the long term. The topic is usually discussed in the context of world population, though it may concern individual nations, regions, and cities.
The Ultimate Resource is a 1981 book written by Julian Lincoln Simon challenging the notion that humanity was running out of natural resources. It was updated in 1996 as The Ultimate Resource 2.
Water scarcity is the lack of fresh water resources to meet the standard water demand. There are two type of water scarcity. One is physical. The other is economic water scarcity. Physical water scarcity is where there is not enough water to meet all demands. This includes water needed for ecosystems to function. Regions with a desert climate often face physical water scarcity. Central Asia, West Asia, and North Africa are examples of arid areas. Economic water scarcity results from a lack of investment in infrastructure or technology to draw water from rivers, aquifers, or other water sources. It also results from weak human capacity to meet water demand. Many people in Sub-Saharan Africa are living with economic water scarcity.
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good." If the conditions of scarcity did not exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself".
"The best example is perhaps Walras' definition of social wealth, i.e., economic goods. 'By social wealth', says Walras, 'I mean all things, material or immaterial, that are scarce, that is to say, on the one hand, useful to us and, on the other hand, only available to us in limited quantity'."
Sustainability measurement is a set of frameworks or indicators used to measure how sustainable something is. This includes processes, products, services and businesses. Sustainability is difficult to quantify. It may even be impossible to measure as there is no fixed definition. To measure sustainability, frameworks and indicators consider environmental, social and economic domains. The metrics vary by use case and are still evolving. They include indicators, benchmarks and audits. They include sustainability standards and certification systems like Fairtrade and Organic. They also involve indices and accounting. They can include assessment, appraisal and other reporting systems. The metrics are used over a wide range of spatial and temporal scales. For organizations, sustainability measures include corporate sustainability reporting and Triple Bottom Line accounting. For countries, they include estimates of the quality of sustainability governance or quality of life measures, or environmental assessments like the Environmental Sustainability Index and Environmental Performance Index. Some methods let us track sustainable development. These include the UN Human Development Index and ecological footprints.
Peak minerals marks the point in time when the largest production of a mineral will occur in an area, with production declining in subsequent years. While most mineral resources will not be exhausted in the near future, global extraction and production has become more challenging. Miners have found ways over time to extract deeper and lower grade ores with lower production costs. More than anything else, declining average ore grades are indicative of ongoing technological shifts that have enabled inclusion of more 'complex' processing – in social and environmental terms as well as economic – and structural changes in the minerals exploration industry and these have been accompanied by significant increases in identified Mineral Reserves.
Jason Edward Hickel is an anthropologist and professor at the Autonomous University of Barcelona. Hickel's research and writing focuses on economic anthropology and development, and is particularly opposed to capitalism, neocolonialism, as well as economic growth as a measure of human development.
A time price is the amount of time a person needs to work to earn the amount of money necessary to buy a particular product or service. For example, if a person makes $5.00 an hour and wants to buy a product that costs $20.00 then the time price will be 4 hours.
The Pooley-Tupy theorem is an economics theorem which measures the growth in knowledge resources over time at individual and population levels.
Gale L. Pooley is an American economist, professor, and author, recognized for his work in economics and real estate valuation. Dr. Gale Pooley is currently a professor of economic history at Utah Tech University. He previously held a position as Associate Professor at Brigham Young University–Hawaii (BYU-Hawaii), where he taught in the Department of Business and Government as the lead for the economics program. His academic career also includes teaching positions at Alfaisal University in Riyadh, Brigham Young University–Idaho, Boise State University, and the College of Idaho, in the fields of business, statistics, and economics. Pooley holds professional designations from the Appraisal Institute, the Royal Institution of Chartered Surveyors, and the CCIM Institute. Pooley is renowned for his contributions to the field of economics, particularly through his work on the concept of abundance and population growth.
