Backstop resources

Theory in resource economics

Backstop resources theory states that as a heavily used limited resource becomes expensive, alternative resources will become cheap by comparison, therefore making the alternatives economically viable options. In the long term, the theory implies faith that technological progress will allow backstop resources to be essentially unlimited, and that need will cause the development of new technologies to become cost effective. This idea is supported by economist Robert Solow who claimed that four-fifths of US economic growth could be attributed to technological development.

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