An Understanding of Resource Economics Under the Context of Scarcity

Questioning the long-term sufficiency of natural resources prompts us to reflect on the future of humanity. The answers to all other economic inquiries depend on this fundamental issue. Economists have played a role in shaping and exploring this critical question. While definitive answers are not readily available, one might expect economists to approach their analyses and suggest specific strategies for resource use and development with a degree of humility, considering the broader, long-term implications. However, in discussions of resource and development policy, such humility has often been overlooked, replaced by incomplete, overly optimistic, and frequently dismissive arguments suggesting that long-term resource concerns are not particularly pressing. This paper examines the contradictory role that economists have taken on, as theorists, empiricists, and participants in policy discussions, regarding this vital issue