The modern economy grows thanks to our trust in the future and to the willingness of capitalists to reinvest their profits in production. Yet that does not suffice. Economic growth also requires energy and raw materials, and these are finite. When and if they run out, the entire system will collapse.

But the evidence provided by the past is that they are finite only in theory. Counter-intuitively, while humankind’s use of energy and raw materials has mushroomed in the last few centuries, the amounts available for our exploitation have actually increased. Whenever a shortage of either has threatened to slow economic growth, investments have flowed into scientific and technological research. These have invariably produced not only more efficient ways of exploiting existing resources, but also completely new types of energy and materials.

Consider the vehicle industry. Over the last 300 years, humankind has manufactured billions of vehicles – from carts and wheelbarrows, to trains, cars, supersonic jets and space shuttles. One might have expected that such a prodigious effort would have exhausted the energy sources and raw materials available for vehicle production, and that today we would be scraping the bottom of the barrel. Yet the opposite is the case. Whereas in 1700 the global vehicle industry relied overwhelmingly on wood and iron, today it has at its disposal a cornucopia of new-found materials such as plastic, rubber, aluminium and titanium, none of which our ancestors even knew about. Whereas in 1700 carts were built mainly by the muscle power of carpenters and smiths, today the machines in Toyota and Boeing factories are powered by petroleum combustion engines and nuclear power stations. A similar revolution has swept almost all other fields of industry. We call it the Industrial Revolution.