Economics of Earth Resources

Simonson, in rubber jacket and similar galoshes, bound with whip-cord over woolen socks (he was a vegetarian and did not use the skin of animals), was also awaiting the departure of the party. He stood near the entrance of the house, writing down in a note-book a thought that occurred to him. “If,” he wrote, “a bacterium were to observe and analyze the nail of a man, it would declare him an inorganic being. Similarly, from an observation of the earth’s surface, we declare it to be inorganic. That is wrong.”

Economics is not simply a topic on which to express opinions or vent emotions. It is a systematic study of what happens when you do specific things in specific ways. In economic analysis, the methods used by a Marxist economist like Oskar Lange did not differ in any fundamental way from the methods used by a conservative economist like Milton Friedman.

The field of economics is not exempt from the consequences of chaos and complexity. Marketplaces are indeterminate; value is subjective; and outcomes are subject to interpretation. Economic forecasting is just as nebulous, being based on the probability of statistical information that may or may not be accurate.