Ehrlich-Simon wager

The Ehrlich-Simon wager was a famous bet between environmental scientist Paul Ehrlich and economist Julian Simon in 1980. Ehrlich predicted that resource scarcity would drive up prices over time, due to population growth and environmental degradation. Simon, on the other hand, believed that human ingenuity and innovation would lead to better resource management and lower prices. They agreed to wager on the future price of five metals, with Simon ultimately winning as prices fell over the decade. The wager highlighted the debate between pessimism about resource depletion and optimism about human creativity and technology.