: Human ingenuity constantly redefines "worthless" matter into valuable resources (e.g., sand into silicon chips). The Six Laws of Economic Alchemy
The greatest wealth is created where there is a large gap between current production methods and the best available technology. The "Economic Alchemist":
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(Physical Resources) : Raw materials like land, minerals, and labor. (Technology) : The multiplier effect of human ingenuity.
: Technology determines what is considered a "resource" and how efficiently we use it.
Most people believe the world is running out of resources. Pilzer disagrees. He points out that a "resource" is only a resource if human knowledge knows how to use it. Oil was not a resource until we invented the internal combustion engine. Uranium was useless until nuclear physics. Therefore, as knowledge expands, so do resources—exponentially.
Some critics describe Pilzer's analysis as "glib" or "questionable" in its sweeping proposals, particularly regarding social policies like immigration and education.