『Abstract
The debate over the long-run availability of mineral commodities
remains today as polarized as it was 30 years ago. This partly
reflects the two very different paradigms often used to assess
this threat, which can lead to sharply contrasting conclusions.
In addition, the uncertainties regarding future developments in
mineral supply and demand, which will govern the course of real
mineral prices, are great. The geological unknowns are particularly
a problem in this regard. Finally, mineral commodity prices reflect
only those social costs that producers pay. Just how much greater
prices would be - and how their trends over time would be alter
- if prices reflected the full social costs of production and
use is unknown. The available estimates vary greatly, and often
reflect the values of individuals and groups rather than those
of society as a whole. In light of the last two uncertainties,
we simply do not know whether mineral commodities will become
more or less available in the long run. The optimists cannot prove
the pessimists wrong, nor can the pessimists prove the optimists
wrong. So perhaps the most reliable prediction about the future
threat of mineral depletion is that the debate will continue.』
Introduction
Paradigm choice
Future trends in mineral supply and demand
Environmental and social costs
Long-run availability
References