Substituting for scarce resources

Implementation

During the early nineteenth century whale oil was the preferred fuel for household illumination. A dwindling supply prompted innovations in the lighting industry, including the invention of gas and kerosene lamps and Edison's carbon-filament electric bulb.

Claim

Plentiful resources can be used in place of those that become scarce. Analysts speak of an Age of Substitutability and point, for example, to nanotubes, tiny cylinders of carbon whose molecular structure forms fibers a hundred times as strong as steel, at one sixth the weight. As technologies that use more-abundant resources substitute for those needing less-abundant ones -- for example, ceramics in place of tungsten, fiber optics in place of copper wire, aluminum cans in place of tin ones -- the demand for and the price of the less-abundant resources decline.