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Page added on October 25, 2011

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Are We Running Out Of Resources?

A few facts from Steve Horwitz, PhD St. Lawrence University



5 Comments on "Are We Running Out Of Resources?"

  1. Alan Cecil on Tue, 25th Oct 2011 3:20 am 

    PhD in economics.
    Nice try, pal, but I’ll stick to listening to the folks with the PhDs in geology.

  2. Erik Wilcken on Tue, 25th Oct 2011 6:41 am 

    a few good points, but “most recently in 2008, best estimates are 1.23 trillion barrels of oil remain” is a good example of his naivety. We’ve used up over a trillion barrels thus far, and that was the easiest stuff to get to. So while its possible that ultimately we could find reserves up to 2 trillion barrels, at what rate will it come? ? ? <now

  3. kiwichick on Tue, 25th Oct 2011 9:36 am 

    crap

  4. armageddon51 on Tue, 25th Oct 2011 2:13 pm 

    ah thanks god, we can restart the Hummer factories since obviously this guy knows a lot about oil. In his fairy tale world, the 1% rich people are also giving away their money to the rest of us, banks get out of speculation, forgive mortgages and governments, which now refuse “donations”, launch class actions against corporations and banks. Finally we all live forever happy and prosper | All the later 10 billions of us.
    One question M.Phd, in this crumbling world economy why is the oil barrel cost $110 since we have so plenty ?

  5. SOS on Sat, 29th Oct 2011 5:12 pm 

    Excellent! A very clear-headed look at how things really work and how things really are.

    One thing not often mentioned is how the cost of energy is absorbed. As energy costs rise relative to the past working capital has to expand to pay the higher costs. While working capital is expanding other budget areas are stagnent or shrinking because the working capital is expanding at their expense. Once working capital is sufficient to handle the higher revolving energy costs the pressure is off the other budget areas and they can grow and recapitalize themselves. Right now I think working capital is going to expand to handle $4 fuel.

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