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%techno[w89,jmc] Neglect of technology (for Bernstam proceedings)
In my view, all three papers in this session share one
fault, insufficient attention to technology.
First, Singer's paper, with which I mostly agree,
mentions a dialog between geologists and economists. The
geologists said that minable copper ores would become
increasingly rare, and the economists said that what is
considered minable depends on price. The economists were
qualitatively correct, of course, but technology determines
the cost of mining ores of given concentration.
As with exploration, there is no point in developing
technology too many years in advance of its use.