Sustainability and prosperity in the age of ecological scarcity
3 February 2025 - 1 hour 31 minsContributor(s): Professor Edward B Barbier | Drawing on his book, Scarcity and Frontiers, Edward Barbier argues that how economies choose to exploit natural resources is critical to both their sustainability and prosperity. In past eras, a critical driving force behind global economic development has been the response of society to the scarcity of key natural resources. By raising the cost of exploitation and use, scarcity creates incentives to innovate and substitute. However, economies also avoid scarcity by obtaining and developing new "frontiers" of vital resources. How these two responses play out often determines which economies emerge as leaders.
In the present era, rising ecological...
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