Here is a new balancing feedback loop that ultimately will control the growth of capital: the more capital, the higher the extraction rate. The higher the extraction rate, the lower the resource stock. The lower the resource stock, the lower the yield of resource per unit of capital, so the lower the profit (with price assumed constant) and the lower the investment rate—therefore, the lower the rate of growth of capital. I could assume that resource depletion feeds back through operating cost as well as capital efficiency. In the real world it does both. In either case, the ensuing behavior
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