The price system helps markets and businesses to allocate material resources efficiently; however, this is not the same as helping markets and businesses manage materials in a sustainable fashion. Current prices have dropped for many industrial raw materials, especially compared to the 1800s and 1900s. Because of low prices, the global economy has grown rapidly. The world has also increased its use of raw materials instead of figuring out ways to reuse and recycle materials. The recycling market has been challenged at times due to cheap raw materials.
Recently, the supply of materials has been...Read More »