• Fallacy of Economic Substitution

    From peterwezeman@hotmail.com@21:1/5 to All on Fri Aug 14 18:02:09 2015
    If memory serves, this is the fallacy of assuming that there are no practical alternatives to the present methods of doing something. For example, we produce aluminum from bauxite ore. Suppose someone wanted to get a monopoly on aluminum production, and
    started by cornering the market on bauxite, since that is what aluminum is made from. In fact, aluminum is a very common element, making up 8 per cent of the Earth's crust. Bauxite is the best ore, but in the absence of bauxite something else could be
    used; researchers have refined aluminum from ordinary rock.

    I have been unable to find references to this fallacy under this name. Is it possibly known under another name?

    Thank you,

    Peter Wezeman
    anti-social Darwinist

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