Nairobi Map on A significant portion of coal is mined using underground mining as well as large quantities of metal and gemstones. Scarcity. Economics is defined as the study of the allocation of scarce resources among competing users, and therefore it is no surprise that economists have long studied the issue of resource SCARCITY. The most significant early economist in the field is Thomas MALTHUS (17661834), an English clergyman whose 1798 work, An Essay on the Principle of Population, examined population growth and agricultural output. Malthus theorized that since populations grow geometrically while the amount of arable land was essentially fixed, population growth would eventually outstrip food production leading to widespread famine and poverty. Malthus’ concepts are easily adopted to the mining industry where stocks of minerals can be seen as fixed in supply and exploited by an ever-growing population. Standard measures of mineral scarcity such as the Static Reserve Index, calculated by taking the currently known deposits of a resource and dividing by the current annual usage, point to very limited time periods before various minerals are exhausted. Nairobi Map 2016.
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