Scarcity of Natural Resources - Thalia Fry
Thalia Fry
Description
As global warming persists; it is possible that resource scarcity could have large impactions on the global industrial system. As population grows, so does demand for products comprised of resources in danger of scarcity. Some scarce materials used in many products include metals, minerals, and fossil resources, which cannot be created by humans, only by way of mining the earth. In addition, water and mineral-rich soil are in danger of scarcity due to climate change and agricultural pollutants. Should we run out of such resources, manufacturers could not sustain mass production as they do today. In this instance, prices of mass-produced goods utilizing precious natural resources would soar, causing a global economic disruption.
Enablers
Supply scarcity can be attributed to crop failures due to changes in weather, or if a natural resource has been polluted or tainted by its enviroment. Over mining of oil and metals that cannot be replicated are eventually likely as there is a limited reserve of such substances on earth.
Inhibitors
Smart factories allow for the most efficient uses of raw materials, which would translate to an emphasis on sustainability and cost reduction. Alternative metals and materials are in the process of being developed to aid this issue.
Paradigms
Old: Climate change and resource scarcity is not a concern.
New: Alternative fuels are in development to combat resource scarcity.
Experts
Dave Young, Rich Hutchinson and Martin Reeves
Timing
1970
Beginning of documented global ecological deficit
2020
Since 1970 world population has doubled, GDP has grown tenfold, agricultural and industrial population had grown vastly
2030
Global demand for natural materials is projected to double the approximate needs of the year 2010
2035
By this year demand for phosphorus may out match supply available
2050
Global material extraction has increased by 119% since 1900 by 2050
Web Resources
https://www.kuka.com/en-de/future-production/sfpl/megatrends/scarcity-of-resources
https://www.economicshelp.org/blog/151207/economics/causes-of-resource-scarcity/
https://media.rff.org/documents/RFF-IB-00-tahvonen.pdf
https://hbr.org/2021/07/the-green-economy-has-a-resource-scarcity-problem