9. Keeping a mineral off the market is profitable, generally speaking, if its price rises more rapidly than the rate of interest. Studies of nonfuel minerals suggest that over long periods of time this condition has rarely been satisfied, For a recent analysis along these lines see G. Anders, W.P.Gramm, and S.C.Maurice, Does Resource Conservation Pay?, Original Paper 14. (International Institute of Economic Research, July 1978). Available from Green Hill Publishers, Inc., P.O. Box 738, Ottawa, 111. 61350.


10. Supply and Delivery Panel, op. cit.

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