During the past two decades, we have been over-consuming our natural resources. We extract the mineral resources at low prices and used the low wages in developing economies of Asia to manufacture products at low prices. The prices are so low that it is better to buy and throw away, rather than repair them, when they become faulty. We neglect to count the cost of disposal, and dispose products in a manner that damages the environment.
The days of low prices is probably over. We now see ballooning prices for mineral oil, gold, silver and other commodities. Food prices are escalating. Wages are also escalating in many countries are also moving up. The flood in Thailand, tsunami in Japan and other natural disasters are reducing supply and jacking up costs.
The days of cheap manufactured products are over. We have to get used to more expensive products and have to use them more carefully. We have to change our wasteful habits. This education process has to start with our young people, as they are brought up in a wasteful environment.
