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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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    Cited by:

    1. Bazhanov, Andrei, 2018. "Difficulties in the forecasting of iron ore price: a review," MPRA Paper 87881, University Library of Munich, Germany, revised 12 Jul 2018.
    2. Gustavo Lagos & David Peters & Marcos Lima & José Joaquín Jara, 2020. "Potential copper production through 2035 in Chile," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 33(1), pages 43-56, July.
    3. Marian Radetzki, 2020. "To John Tilton, a personal note," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 33(1), pages 3-4, July.
    4. Castillo, Emilio, 2021. "The impacts of profit-based royalties on early-stage mineral exploration," Resources Policy, Elsevier, vol. 73(C).
    5. Emilio Castillo & Roderick Eggert, 2019. "Reconciling Diverging Views on Mineral Depletion: A Modified Cumulative Availability Curve Applied to Copper Resources," Working Papers 2019-02, Colorado School of Mines, Division of Economics and Business.
    6. Emilio Castillo, 2020. "Mineral Exploration and the Discovery of New Deposits," Working Papers 2020-06, Colorado School of Mines, Division of Economics and Business.
    7. Gustavo Lagos & David Peters & Marcos Lima & José Joaquín Jara, 0. "Potential copper production through 2035 in Chile," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 0, pages 1-14.
    8. West, James, 2020. "Extractable global resources and the future availability of metal stocks: “Known Unknowns” for the foreseeable future," Resources Policy, Elsevier, vol. 65(C).
    9. António Mateus & Luís Martins, 2021. "Building a mineral-based value chain in Europe: the balance between social acceptance and secure supply," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 34(2), pages 239-261, July.
    10. Magnus Ericsson, 2019. "Introduction," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 32(2), pages 127-129, July.
    11. Heijlen, Wouter & Franceschi, Guy & Duhayon, Chris & Van Nijen, Kris, 2021. "Assessing the adequacy of the global land-based mine development pipeline in the light of future high-demand scenarios: The case of the battery-metals nickel (Ni) and cobalt (Co)," Resources Policy, Elsevier, vol. 73(C).
    12. Hunt, C. & Romero, J. & Jara, J. & Lagos, G., 2021. "Copper demand forecasts and predictions of future scarcity," Resources Policy, Elsevier, vol. 73(C).
    13. King, Elizabeth M. & Randolph, Hannah L. & Floro, Maria S. & Suh, Jooyeoun, 2021. "Demographic, health, and economic transitions and the future care burden," World Development, Elsevier, vol. 140(C).

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