[crispyambulance]

> [Limited resources are] naturally self-correcting in a free-market, because as the resources become scarce their prices goes up hence leading to technological incentives to find alternative sources.

You say that as though it's a theorem. It's not. It's perhaps reasonable when discussing small perturbations of resources, but it's not a magical phenomena that will "just work" in a free market (assuming one even exists) at any scale.

The globe itself is finite and we have only finite time to make corrections to diminishing resources like oil. No one knows how long it will take to adapt, or what the human cost will be on the way to arriving at that adaptation. To make matters far worse, we have global warming to contend with and that's still subject to political whims and not even a concern yet for the "free market".

If you must take "the free market" as axiomatic truth, then consider also that the free market may "decide" that human extinction is the "optimal" outcome regardless of what monopolists and oligarchs say.

[pirate787]

The best way to understand global warming is that the market doesn't account for the true cost of carbon emissions. That's because the atmosphere is an unregulated commons, lacking property rights or other legal mechanisms to assign the costs of carbon emissions. A carbon tax or some other way to assign a "price" to carbon twill begin to assign that cost, and the market system will naturally, in a million small ways, reduce the emission of carbon. The result will be dramatic, unforeseen levels of reductions.

[crispyambulance]

> ...the market system will naturally, in a million small ways...

You place a lot of faith in it but "the free market" is not a construct that functions according to immutable natural laws. It's a man-made and very much corruptible system.

Nature does not comply with property rights, legal mechanisms, nor quarterly results. People have to force ecological concerns into their markets. That's a tall order and it won't just happen without a serious taste of what is to come, sadly.