Can we achieve infinite economic growth with finite resources?
The short term seduction of much higher profits based on the new expansion in the coming consumer market is very exciting, however “you can’t keep drinking the water until the well runs dry,” or for the purpose of this article “you can’t keep pumping oil until the well runs dry.” Our business paradigms are based on the premise of limitless resources; however this premise is flawed and we are becoming increasingly aware of it. According to the International Energy Agency’s chief economist, Dr. Fatih Birol: “The public and many governments appeared to be oblivious to the fact that the oil on which modern civilization depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years.” This quote was made in 2008, however the IEA’s first detailed assessment of more than 800 top oil fields in the world (This represents about 75 per cent of global reserves) have found that the biggest fields have already peaked and the rate of decline
