Last December at the meetings of the American Economic Association, there was a major address by MIT’s generally admired theorist of economic growth, Robert M. Solow. He chose for his title, “The Economics of Resources or the Resources of Economics,” and began with this quotation:
Contemplation of the world’s disappearing supplies of minerals, forests, and other exhaustible assets has led to demands for regulation of their exploitation. The feeling that these products are now too cheap for the good of future generations, that they are being selfishly exploited at too rapid a rate, and that in consequence of their excessive cheapness they are being produced and consumed wastefully has given rise ...
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