I always considered Julian Simon to be a chancer, he was very lucky when he made the famous wager and Ehrlich was stupid in accepting just five metals.
A 'chancer'? Simon did 10 years work on his theory before presenting it. He was ridiculed, and he offered the bet to the world.' You could name your own terms: select any raw material you wanted – copper, tin, whatever – and select any date in the future, "any date more than a year away," and Simon would bet that the commodity's price on that date would be lower than what it was at the time of the wager.'
Ehrlich was not forced to accept – he jumped at it. He saw it as easy money –
"I and my colleagues, John P. Holdren (University of California, Berkeley) and John Harte (Lawrence Berkeley Laboratory), jointly accept Simon's astonishing offer before other greedy people jump in."
was what he said. 'Ehrlich and his colleagues then picked five metals that they thought would undergo big price rises: chromium, copper, nickel, tin, and tungsten. Then, on paper, they bought $200 worth of each, for a total bet of $1,000, using the prices on September 29, 1980, as an index. They designated September 29, 1990, 10 years hence, as the payoff date.'
Note that Ehrlich was not just 'taking Simon's money' – he was betting that his Malthusian view of raw materials was the correct one, and he picked a 10 year period specifically to avoid lucky, unpredictable, short-term variations. He picked all the detailed terms of the wager to support his view
And Simon won. As he knew he was going to. Because he was right.
The result was not what Simon expected. Instead of people listening to his theory, and the masses of data that he had painstakingly collected to support it, they elected to ignore him, and attack him for 'rocking the boat'. Ehrlich was loaded with honours – Simon had to fight to get his few books published. 'For some reason he could never comprehend, people were inclined to believe the very worst about anything and everything; they were immune to contrary evidence just as if they'd been medically vaccinated against the force of fact. Furthermore, there seemed to be a bizarre reverse-Cassandra effect operating in the universe: whereas the mythical Cassandra spoke the awful truth and was not believed, these days "experts" spoke awful falsehoods, and they were believed. Repeatedly being wrong actually seemed to be an advantage, conferring some sort of puzzling magic glow upon the speaker.'
Ehrlich, famously, has been wrong with every prediction that he made ever after. And has received honour after honour. Each time he is shown to be wrong he just says "We didn't allow for x – more sensible estimates now place the catastrophe at y (naming a new date conveniently in the future). I note this technique is also used in the post above…
The Doomsayers could not airbrush the results of the Simon-Ehrlich wager out of history. So they did the next-best thing – they generated the story that Simon was just incredibly lucky, and if they picked some dates in the past for themselves they could show prices rising. The Wiki is full of this sort of rubbish – attempts to write the theory out of existence.
I'm surprised that people still fall for this smear, given the vast mass of data showing Simon's theory to match reality far more closely that Malthus. But there we are – some people still haven't read Charles McKays excellent book…
Disclaimer – some paras pasted out of a 'Wired' article for speed, because that says what I wanted to say more elegantly…these are indicated by '..'
Edited By Dodgy Geezer on 05/01/2016 16:35:29