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171. TIME: Chapter 3 of Principles of Economics

The Bitcoin Standard Podcast

CHAPTER

The Limit and Constraint of Earth's Resources

Even the most conservative estimates find that the total crustal abundance of any particular naturally occurring substances is many uncountable multiples of the total amounts humans consume. The limit and constraint on how much we can produce from each metal in any given year will continue to be the amount of time and resources we direct to its production. Economic calculations are constantly being done at the margin, and they pertain only to scarce resources that involve an opportunity cost. At no point can any individual or entity make any economic decision pertaining to the total aggregate stock of a material on earth.

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