The exchange of labor for money will never outpace its own absurdity to become a natural law.
We literally live in that world
We literally live in that world
We will always need a system to decide who gets to live by the ocean better than the default one, violence.
That's the biggest myth of economics. It wasn't even true the pre-modern world except occasionally (famines were a real thing, but they were still kinda infrequent), and it's pretty much never true in an industrial civilization, let alone in an era of growing automation capabilities.
However, land is one case where they aren’t making more of it. So, you are both right?
Like most people I used to pay for a Windows license key, do you think that I had to pay for it because license keys are scarce?
> Why is there a spot oil market, if oil is not scarce?
Because we designed the oil market this way. In Europe, we didn't have a spot electricity price decades ago, but we have now.
Oil is typically a good example as the Saudi could pump twice as much oil whenever they like (and still have oil when we phase out oil consumption as we move to EV).
Resources are obviously finite, but most of them can't be called scarce because the natural limits aren't the limiting factor for how much there are of them in the market.
> Oil is typically a good example as the Saudi could pump twice as much oil whenever they like (and still have oil when we phase out oil consumption as we move to EV).
A brave take when Saudi production is currently massively curtailed due to events out of their control. Sure _pumping_ is cheap, but that's only helpful if you want to consume the oil at the well head. Otherwise the true scarcity is in the whole supply chain. Resources are scarce because even if the reserves exist, extracting and distributing them is hard.
scarcity
myth
wasn't true in pre-modern