In recalling a period of severe depression he underwent in the "melancholy winter of 1826-27," John Stuart Mill wrote, in a famous passage of his autobiography, that he had been "seriously tormented by the thought of the exhaustibility
of musical combinations.
While a complete theory of the mining firm was first formulated by Hotelling (1931) more than sixty years ago, economists only began constructing general equilibrium models to accommodate resource exhaustibility
in the early 1970s.
The known exhaustibility
of the resource, the characteristic single and transient population, and the ramshackle quality of housing, not to mention the paucity of sources, led historians to focus on the industry and its workers rather than the places they resided.
Because all OPEC governments were worried about the exhaustibility
of their resources, they declared their intention to "sow the petroleum": that is, to create a sustainable basis for a post-oil economy through the promotion of heavy industry, the modernization of infrastructure and where necessary, investment in defense.
Citizens "have made phenomenal progress in developing and supporting their social and cultural institutions, in generating a public awareness of the fragility of the environment and the exhaustibility
of their precious natural and human resources.