Making the case that population growth does not hinder economic progress
and that it eventually raises standards of living, Julian Simon became
one of the most controversial figures in economics during the past
decade. This book gathers a set of articles--theoretical, empirical, and
policy analyses--written over the past twenty years, which examine the
effects of population increase on various aspects of economic
development in less-developed economies. The studies show that within a
century, or even a quarter of a century, the positive benefits of
additional people counterbalance the short-run costs. The process is as
follows: increased numbers of consumers, and the resultant increase of
total income, expand the demand for raw materials and finished products.
The resulting actual and expected shortages force up prices of the
natural resources. The increased prices trigger the search for new ways
to satisfy the demand, and sooner or later new sources and innovative
substitutes are found. These new discoveries lead to cheaper natural
resources than existed before this process began, leaving humanity
better off than if the shortages had not appeared.
Originally published in 1992.
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