Reply #8: By analogy... [View All]

there's "elastic" in the sense of something like a rubber band, and then there is "elastic" in the sense of a badly lubricated earthquake fault.

Demand for critical resources like oil, water, etc, is elastic in that second sense. We all know that if crude oil runs out, society will "adjust", but it could be the kind of "adjustment" that occurs when a badly lubricated earthquake fault finally lets loose.

Unless, of course, a civilization looks ahead. I like the idea of not treating land like capital. That is the opposite of looking ahead. Now we are no longer talking about a pure free-market, but a partially-regulated market, yes?