The Most Dis-advantageous Lottery in the World
Thanks to subscriber Ian Runge for this paper.
Ian has spent a professional lifetime as an engineer and economist in the resources industry and related capital intensive industries. The products from these industries are the backbone of the world economy; they provide the essentials for life in all economies and underpin the sophisticated lifestyles enjoyed by the advanced world. Yet the efforts, skills, and technology that go to find, produce, refine, and transport these goods are hardly known (and more often than not, unappreciated) outside these industries themselves.
Ian says, “Even though this paper is now a year old I think it is still relevant - particularly the discussion on mineral reserves, and the counter-intuitive notion that reserves both get more extensive over time, and that mining commodities get cheaper over time.”
