now recall that julian simon and paul eric both agreed that. g on, they both agreed that there was this relationship between, population and resources. right now. erlich argued that as population these resources become much more scarce. julian on other hand, said now is population increases. these things would become much more abundant now. erlich based his argument on malthusian theory. simon on the other hand, based his argument on facts. and as art laffer made this really interesting comment, he says without data, any theory be true, right? without data, any theory be true. so what did we find when we went back and looked at our 18 data sets? well, we found that they were all up here. every one of them were up there. resources were growing faster than population was growing. so if you do find something in that red zone, it's probably something being controlled by the government. the supply and or the demand is being controlled by government and it's becoming maybe less, less abundant. but everything else seems to have this this increasing abu

what julian simon found is that the price of these things was not going up. they were going down. so how can you have something becoming more scarce that was becoming cheaper? so, he begins to research other things. he starts looking at nonrenewable metals like copper. then he extended it to these other resources. what he observed is this population increase. these prices, these resources they went down. he published his findings. this created this huge contention between the two. science magazine published his article. so, they had this disagreement. finally julian says, why don't we just bet? paul, you pick five medals, however many you want and i will bet that they will be cheaper in the future. so paul ehrlich and two of his friends took the five metals, chromium, copper, tin, and tungsten. they said, let's bet 10 years and see what happens. 10 years later the bed comes through. the inflation adjusted prices of these five metals have fallen by 36%. that was during the same decade we had the highest growth of population on the planet. the population is doing this. prices are do

what julian simon found is that the price of these things wasn't going up. they were going down. so how can you something that could becoming more scarce that was becoming cheaper? so he begins to research other things turkey starts looking at these nonrenewable metals like copper and chromium and then he extend this to lumber and all these other resources and would observe is population increase, prices of these resources actually went down. so he published his findings and created this huge contention between the two. "science" magazine published his article. so they had this disagreement, very public and finally julian says hey, why don't we just that? paul, you pick five metals and you pick however many you want and i will bet you they will be cheaper in the future. so ehrlich and two of his friends picked five metals, chromium, copper, nickel, ten and another. they put a thousand dollars and said let's bet for ten years and see what happens. ten years later the bet comes due and the inflation adjusted prices of these five metals had fallen by 36%. it was like, and i was doin

but what julian simon found the price of these things was not going up. they were going down.o how could you have something becoming more scarce that was becoming cheaper? he begins to research other things are. he starts look at that nonrenewable metals like copper and he extended to lumber and all these other resources. what he observed as a population increase. the prices of these resources actually went down. so he publishes finding a create a huge contention between the two. science magazine had published his article. so they have a disagreement it's very public why don't we just bet you pick five medals however many you want and i will bet you they're going to be cheaper in the future. so ehrlich and two of his friend picked five medals copper, nickel and they put $1000 on the table said okay let's bet for ten years and see what happens. well, ten years later the bet comes due and inflation adjusted prices of these five medals had fallen by 36%. it is during the same decade we had the highest growth of population on the planet. subpopulations during this but the prices a