A remarkable piece of work in the footsteps of the great Julian Simon who famously won a bet with Paul Ehrlich and prompted Bjorn Lomborg on his remarkable project to challenge his own Green ideas.
In 2018, we co-authored a study titled, The Simon Abundance Index: A New Way to Measure Availability of Resources. In that paper we looked at the prices of 50 basic commodities between 1980 and 2017. Counterintuitively, we found that resources have become more, not less, abundant. Our calculations confirmed the insights of the University of Maryland economist Julian Simon who observed in his 1981 book The Ultimate Resource that humans are intelligent beings, capable of innovating their way out of shortages through greater efficiency, increased supply and the development of substitutes. To arrive at our conclusions, we came up with four new concepts: Time Price Toolkit (i.e., time price, abundance multiplier, percentage change in abundance, compound annual growth rate in abundance and years to double abundance), Price Elasticity of Population, Simon Abundance Framework and Simon Abundance Index.
The Simon Abundance Index (1980-2019)
Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.