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There are some other numbers that are challenging the optimistic "years of supply" figures: rising marginal costs.
Such factors include poor market design, market power, sustained demand growth not matched by new capacity, rising marginal cost, and financial insolvency.
This is because this modification allows more flexibility in the expansion of crop land (i.e. irrigated and rainfed land can expand in different proportions) relative to when a single type of crop land is represented, which counters the effect of rising marginal costs for the expansion of irrigated land.
Some of this modest effect appears to be due to rising marginal taxes (i.e. a substitution effect), which would not apply in HRCs (cf. [66, 67]).
In their 2011 article, economists Peter Diamond and Emmanuel Saez made the case that in order to maximize social welfare, high income earners should face high and rising marginal tax rates on earnings and the earnings of low income families should be subsidized.
And as promising as the shale-gas revolution may look like to the US economy in the years ahead, it seems a stretch to expect it - through substitution and correlation - to be a fully countervailing factor to rising marginal costs of other natural resource-based products.
Similar(54)
Our highlighted analytical results are as the following: When the size of the informal sector decreases, the marginal cost of external finance in the formal sector declines as a result of the decline in the level of financial repression whereas at the same time since the demand for external funds in the formal sector rises marginal cost increases due to the presence of convex monitoring costs.
Later, as the control and treatment costs keep rising, the marginal net benefit of such control will gradually decrease.
Even with expansion, as the level of talent continues to rise, the marginal players will find themselves getting squeezed out.
If people work and invest more in response to tax cuts, their reported income will rise when marginal rates fall.
In early-1960s Israel pornographic, possibly anti-Semitic novels that detailed sensational tales of the torture and rape of male concentration camp prisoners by curvaceous female Nazi guards rapidly rose from marginal pulp reading to mass-market popularity.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com