I. Introduction
II. Model, data, and methods
III. Results
『IV. Conclusions
Recent legislation, the National Commission on Supplies and Shortages
Act of 1974, together with other policy making has increased interest
in the role of natural resources for our economy and the adequacy
of their supplies in the future. The results of this analysis
of a naive model of the change in relative prices of selected
natural resource commodity aggregates, which formed the basis
of judgments on materials policy in the past, suggest that broad
conclusions, having potentially significant impacts that are based
on these data alone, would seem unwise. These conclusions are
consistent with consideration of the inherent difficulties associated
with interpreting the series themselves. The composition of the
aggregates and the nature of the U.S. economy has changed significantly
over the period 1900 to 1973, so that evaluations of resource
scarcity without detailed analysis of the character of the markets
for the specific commodities within each aggregate, as well as
the institutional changes during the period, do not seem possible.』
References