More important than the end result is the subject of the adjustment process. You are stating the theoretical end result that would come to be if markets were perfectly flexible and property rights were well established. But in real life things are not so perfect and well defined. That is why economist dedicate most of their time studying and optimizing the adjustment processes.
It all boils down to the rate of growth of the demand for copper when compared with the rate of technological progress. If they are not very different, it will be possible for innovation to do its job. But if the growth in the demand for cooper is much greater than the rate of tech progress (which could happen due to the pervasiveness of copper in modern life and the stress new industrialized countries put on global demand of cooper), the adjustment will be harsh and long.
Yes, innovation always benefits those who arrive late in that it allows them to skip steps. Your argument is much stronger than the wireless infrastructure one. But technologic growth comes in small steps. All it takes is the rate of growth of cooper consumption to be significantly greater than the rate of growth of valid alternatives to stress the World's copper supply.
Although I also find this study a bit alarmist, you must understand that the use of copper is pervasive in modern life. While you give a valid example (mobile phones), there are many other instances where, given current technology, "building a wireless infrastructure" (as you put it) isn't possible (for instance, electricity transmission, plumbing, etc. )
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More important than the end result is the subject of the adjustment process. You are stating the theoretical end result that would come to be if markets were perfectly flexible and property rights were well established. But in real life things are not so perfect and well defined. That is why economist dedicate most of their time studying and optimizing the adjustment processes. It all boils down to the rate of growth of the demand for copper when compared with the rate of technological progress. If they are not very different, it will be possible for innovation to do its job. But if the growth in the demand for cooper is much greater than the rate of tech progress (which could happen due to the pervasiveness of copper in modern life and the stress new industrialized countries put on global demand of cooper), the adjustment will be harsh and long.
Yes, innovation always benefits those who arrive late in that it allows them to skip steps. Your argument is much stronger than the wireless infrastructure one. But technologic growth comes in small steps. All it takes is the rate of growth of cooper consumption to be significantly greater than the rate of growth of valid alternatives to stress the World's copper supply.
Although I also find this study a bit alarmist, you must understand that the use of copper is pervasive in modern life. While you give a valid example (mobile phones), there are many other instances where, given current technology, "building a wireless infrastructure" (as you put it) isn't possible (for instance, electricity transmission, plumbing, etc. )