I won’t address all of your points right now, but I will say that I hadn’t considered that “R&D is compensating for natural resources becoming harder to extract over time”, which would increase the returns somewhat. However, my sense is that raw resource extraction is a small % of GDP, so I don’t think this effect would be large.
Thanks for this!
I won’t address all of your points right now, but I will say that I hadn’t considered that “R&D is compensating for natural resources becoming harder to extract over time”, which would increase the returns somewhat. However, my sense is that raw resource extraction is a small % of GDP, so I don’t think this effect would be large.