(Don Boudreaux)
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… is from page 11 of Ronald Bailey’s and Marian Tupy’s beautiful and important 2020 volume, Ten Global Trends Every Smart Person Should Know (footnote deleted):
Between 1980 and 2017, the inflation-adjusted global hourly income per person also grew by 80.1 percent. Therefore, for the amount of work required, commodities became 64.7 percent cheaper. Put differently, commodities that took 60 minutes of work to buy in 1980 took only 21 minutes of work to buy in 2017. All in all, resources are not being depleted in the way that [Paul] Ehrlich feared they would – as witnessed by the fact that humanity has not yet run out of a single supposedly nonrenewable resource. In fact, resources tend to become more abundant over time relative to the demand for them.
Published on January 05, 2023 01:30
