Are we running out of resources? In 1968 Stanford University Biologist warned that population growth would result in the exhaustion of resources and global catastrophe. University of Maryland economist Julian Simon, in contrast, argued that humans would innovate their way out of resource shortages. He believed that people were the “ultimate resource” that would make other resources more plentiful.
The new Simon Index measures resources 50 different foundational commodities covering energy, food, materials, and metals in terms of human labor. That is how long does the average person have to work to buy a gallon of gas, a pound of steel, sack of flour, etc.
If incomes go up, and or commodity prices go down, a person would have to work less to buy things.
As it turns out, in these terms from 1980 to 2017 commodity prices fell by 67%.
It has never been easier for people in the world to live well thanks to people operating in free market and the innovations they create.
How have you made life easier for your customers?
That trend will continue according to Peter Diamandis with the demonetization of energy, food, transportation and other vital living costs.