Besides markets adapting and finding new equilibriums, there may still be ressources that run out and ultimately can't be replaced, similarly how the Easter Islands were deforested and life got permanently worse [1].
Maybe rare earths can be substituted in phones, and other technological progress makes up for the loss. Either way, the same market forces itself do nothing to stop the coming climate catastrophy and would happily find a new equilibrium with large parts of the planet not being livable. That's why "ecological thinking" is important.
Maybe rare earths can be substituted in phones, and other technological progress makes up for the loss. Either way, the same market forces itself do nothing to stop the coming climate catastrophy and would happily find a new equilibrium with large parts of the planet not being livable. That's why "ecological thinking" is important.
[1] https://rainforests.mongabay.com/09easter_island.htm