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Economic growth doesn't necessarily mean using more resources. It could also mean using less because of increased efficiency or because the resource has been replaced entirely by something better.
People used whale oil for lighting and motors, but because that is very limited, we found a better solution. Now we use electric lighting and kerosene. Whale oil has become irrelevant, because it is too scarce.
But whale oil investors expected that market to continue indefinitely. Just as today's petrodollar investors expect oil to continue indefinitely. There are few that see the future and grasp the need to move to solar and nuclear.
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[–] blastar 0 points 3 points 3 points (+3|-0) ago
Economic growth doesn't necessarily mean using more resources. It could also mean using less because of increased efficiency or because the resource has been replaced entirely by something better.
People used whale oil for lighting and motors, but because that is very limited, we found a better solution. Now we use electric lighting and kerosene. Whale oil has become irrelevant, because it is too scarce.
[–] MrPim 0 points 3 points 3 points (+3|-0) ago
But whale oil investors expected that market to continue indefinitely. Just as today's petrodollar investors expect oil to continue indefinitely. There are few that see the future and grasp the need to move to solar and nuclear.