Type:

Video

Description:

Prof. Steve Horwitz addresses the common belief that the world is running out of natural resources. Instead, there are economic reasons why we will never run out of many resources. In a free market system, prices signal scarcity. So as a resource becomes more scarce, it becomes more expensive, which incentivizes people to use less of it and develop new alternatives, or to find new reserves of that resource that were previously unknown or unprofitable. We have seen throughout history that the human mind's ability to innovate, coupled with a free market economic system, is an unlimited resource that can overcome the limitations we perceive with natural resources.

Subjects:

  • Science > Ecology

Education Levels:

  • Grade 11
  • Grade 12
  • Higher Education

Keywords:

scarce resources, efficiency

Language:

English

Access Privileges:

Public - Available to anyone

License Deed:

Creative Commons Attribution 3.0

Collections:

None
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