Read: "How Capitalism Saved the Whales," by James S. Robbins (an article originally published in The Freeman, August 1992).

Questions

1. Are whales a renewable or a nonrenewable resource?
2. How did capitalism "save the whales?" (Hint: focus on the role of market prices in allocating scarce resources.)
3. Can any inferences be drawn from this about the limits to growth resulting from the existence of exhaustible energy resources (such as fossil fuels)?