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The Real, Real Price of Nonrenewable Resources: Copper 1870-2000
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
Division of Economics and Business, Colorado School of Mines.
2003 (English)Report (Other academic)
Abstract [en]

Over the past 40 years economists have devoted considerable effort to estimating long-run trends in real commodity prices. The results indicate that the real prices for many commodities have fallen, suggesting to the surprise of many that resource scarcity is declining over time. Almost all of this work, however, uses the U.S. producer price index or other standard price deflators, which recent research shows overestimate inflation for several reasons. This article examines copper prices with adjusted deflators designed to eliminate this bias. It finds that the trend over time, which is significantly downward when no adjustment is made to the deflator, displays no tendency in either direction or is significantly upward depending on the magnitude of the deflator adjustment employed. These findings suggest that real resources prices provide less support than widely assumed for the hypothesis that resources are becoming more available or less scarce over time.

Place, publisher, year, edition, pages
Stockholm: IIES , 2003. , 35 p.
Series
Seminar Paper / Institute for International Economic Studies, Stockholm University. (Online), ISSN 1653-610X ; 723
Keyword [en]
resources, copper, real price, inflation bias, scarcity
National Category
Economics
Identifiers
URN: urn:nbn:se:su:diva-42064OAI: oai:DiVA.org:su-42064DiVA: diva2:343809
Available from: 2010-08-16 Created: 2010-08-16 Last updated: 2010-08-16Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf