The Rising Costs of Scarce Natural Resources

The video discusses the historical and current economic trends of natural resources like lumber and oil. It highlights how certain types of lumber, such as redwoods, were once inexpensive but have become costly due to scarcity. Similarly, it explains that oil production is stabilizing and may decline, leading to increased costs unless new resources are found. The video emphasizes that when the cost of a natural resource becomes too high, its usage diminishes.

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