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Public policy and future mineral supplies

Author

Listed:
  • Tilton, John E.
  • Crowson, Phillip C.F.
  • DeYoung, John H.
  • Eggert, Roderick G.
  • Ericsson, Magnus
  • Guzmán, Juan Ignacio
  • Humphreys, David
  • Lagos, Gustavo
  • Maxwell, Philip
  • Radetzki, Marian
  • Singer, Donald A.
  • Wellmer, Friedrich-W.

Abstract

A widespread and pessimistic view of the availability of mineral commodities calls for strong government initiatives to ensure adequate future supplies. This article provides a more market oriented and optimistic perspective, one that focuses on production costs and prices rather than physical availability. It sees short-run shortages continuing to plague commodity markets in the future as in the past. Though painful while they last, these shortages are temporary and do not pose a serious long-run threat to human welfare. Moreover, even without government intervention, they self-correct. The sharply higher prices that they evoke create strong incentives that foster supply and curb demand.

Suggested Citation

  • Tilton, John E. & Crowson, Phillip C.F. & DeYoung, John H. & Eggert, Roderick G. & Ericsson, Magnus & Guzmán, Juan Ignacio & Humphreys, David & Lagos, Gustavo & Maxwell, Philip & Radetzki, Marian & Si, 2018. "Public policy and future mineral supplies," Resources Policy, Elsevier, vol. 57(C), pages 55-60.
    • Handle: RePEc:eee:jrpoli:v:57:y:2018:i:c:p:55-60
    DOI: 10.1016/j.resourpol.2018.01.006
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