And you hear the words scarce resources a lot when people talk about economics.

For example, love might not be a scarce resource. You might have an infinite amount of love.

Let's conserve our limited water supply.

Let's conserve our limited water resources.

We have limited resources.

The resources of the earth are limited.

(Laughter)

And if you look at the species level, you saw about fish.

But a resource that would be scarce is something like food, or water, or money, or time, or labor.

Growth of use will consume any energy or resources saved through conservation.

It has no vegetation.

Growth is limited by the essential resource in scarcest supply.

As long as they don't get to Lau, we've cut off their funds.

Water is a natural resource of vital importance.

And these are not esoteric limits.

That's Norway, the richest country in Europe. It's Australia. It's Canada.

And if we have abundant energy, we also have abundant water.

Some badly made Python interpreters might raise an exception on this, but it should not.

And economics is very interested in scarcity.

Water is a natural resource of vital importance.

But we need to think broad scale. We need to think globally.

Water, forests, and minerals are important natural resources.

Natural resources are not limitless.

We should make the best of the limited natural resources we have.

Where do they get their water? Where do they get their shelter?

He owned the water department?

The flat horizon that we've evolved with has been a metaphor for the infinite unbounded resources and unlimited capacity for disposal of waste.

Allocation .. of scarce resources.

It basically said, everybody near the stream can share in the stream.

That was one of those turning points where I said, wow what am I doing here?

And you feel something about this.

In order to restore the bond, we need to utilize regional resources.

Life also has a metabolism.

Resources.

When the IMF was created in the 1940s, it was created with resources that were five percent or so of the world's GDP.

It's your resource it's not somebody else's.

Water and Power?

So, who is next? Us?

And as a child you're always worried about resource.

(Applause)

And U.S. economy that's real wealth.

It takes too much energy. It will cost too much.

In short, there was a lot of water and there weren't very many people.

A depth of 40 meters...

And those resources are going away.