One of the persistent claims by those with a neo-Malthusian sustainable growth perspective is that we are exhausting the world's resources. Commodity prices factor in not only present supply and demand but supply and demand for the foreseeable future. Therefore if supply is declining relative to demand, we will see rising prices. Here is a chart post by Mark Perry:
Despite the occasional temporary increase in tungsten, commodity prices have declined at an average annual rate of 1.3% for the past 145 years. (Click Here) Economists see no change in this trend in the foreseeable future.
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