Are we running out of resources? Many scholars, including Thomas Malthus and Paul Ehrlich, believed that population growth would result in the exhaustion of resources and a global catastrophe. University of Maryland economist Julian Simon rejected their ideas. In his 1981 book The Ultimate Resource, Simon argued that humans were intelligent beings, capable of innovating their way out of shortages through greater efficiency, increased supply, and the development of substitutes. In 1980, Simon and Ehrlich bet on the future price of $1,000 worth of five metals (copper, chromium, nickel, tin and tungsten). If the aggregate price of the five metals rose above $1,000, Simon would pay the inflation-adjusted difference to Ehrlich. If it fell below $1,000, Ehrlich would pay Simon. In spite of a population increase of 873 million over those 10 years, the five metals declined in price by an average of 57.6 percent. In 1990, Ehrlich mailed Simon a check for $576.07 (read more). The Simon Project aims to continue to explore the relationship between population growth and resource availability using four new concepts: Time Price, Price Elasticity of Population, the Simon Abundance Framework and Simon Abundance Index.