New ASI monograph The No Breakfast Fallacy: Why the Club of Rome was wrong about us running out of resources has featured in The Sun:
The Adam Smith Institute is fighting back against claims we will freeze and starve to death if we do not switch to alternative energy and organic farming.
The free market think tank says environmentalists do not understand the oil and minerals industry, which keeps finding new sources that will be around for many thousands of years, and possibly for many millions. Tim Worstall, a rare earths expert and senior fellow, told The Sun: “We’ve got more in oil reserves than we can possibly burn without boiling Flipper.”
And on minerals, Worstall says in his report The No Breakfast Fallacy: “We are no more going to run out of usable minerals because we consume mineral reserves than we are to run out of breakfast because we eat the bacon the fridge."
The No Breakfast Fallacy: Why the Club of Rome was wrong about us running out of resources argues that outcries over resource availability from environmentalist groups are based on a misinterpretation of numbers and a misunderstanding of what mineral resources actually are.
The monograph, written by Adam Smith Institute Senior Fellow and rare earths expert Tim Worstall, says that groups that have warned about the world running out of rare mineral resources, such as The Club of Rome, have been using the wrong sets of data, mistaking the exhaustion of mineral reserves for the exhaustion of mineral resources.