You write, "We live in a world of finite resources." That's true only in the short run. In the short run, by definition all factors of production are fixed; but not so in the long run. One can argue that in the long run, the world's resources are infinite for all practical purposes.
Happy Thanksgiving all.
You write, "We live in a world of finite resources." That's true only in the short run. In the short run, by definition all factors of production are fixed; but not so in the long run. One can argue that in the long run, the world's resources are infinite for all practical purposes.