Running on Empty

Resource Depletion "The greatest shortcoming of the human race is our inability to understand the exponential function." -Albert Bartlett As everyone knows, economies around the world all function on growth. Without growth, economies will collapse. Percentage growth is exponential growth. Exponential growth has two unique characteristics. One, at any given percentage there is a doubling period and two, the magnitude of the growth speeds up over time. For example, a quantity (x) growing at 10% per year will be double (or 2x) in a little over 7 years. After another 7 odd years, that new amount will double again (or 2*2x). In addition, the amount of the quantity will get larger and larger in a shorter and shorter period of time ( by that I mean it took a little over 14 years to get 4x but it will only take 7 years to get another 4x). Worldwide, GDP has grown at an average of about 3% a year since the beginning of the industrial revolution. In order ...