Why might hotel ling be right

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Q. Historical Development of U.S. Thomas Malthus (1798): Scarcity is inevitable because population grows to exhaust its resource endowment Harold Hotel ling (1931): invisible hand of market would optimally allocate exhaustible resources and prevent shortages because market prices of a resource such as oil reflect both its current value and its future value. Why might Hotel ling be right?

Reference no: EM1369498

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