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First, as my Berkeley mentor Richard Norgaard (economics PhD at Chicago, with Milton Friedman curiously) showed, prices say more about the beliefs of the investors who buy commodities than about long-term physical scarcity. Second, prices also depend on (un)fair trade, labour/environmental protections, military/geopolitical power, and paying, or not, the social/ecological costs of extraction. Third, and to joke, a bigger population means more innovators solving old problems, but also more evildoers creating new ones. But yes, Ehrlich was wrong about looming shortages and famines. The question is: is this relevant today? I am not sure. Resource use grows hand in hand with GDP (Figure 1), even in service economies like the US or the UK where economists expected reductions (Figure 2). And resource cost fell and extraction increased because of fossil fuels, which cause climate change.

United statesUnited kingdomCosta ricaSven beckertDietrich vollrathMarianl tupyRichard norgaardMilton friedmanUn international resource panelGale pooleyResource panelQuantitative easingWhy malthus was wrongWhy environmentalists should carePopulation malthusNew deal