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August 24, 2005
More on the "Oil Crisis"
Why should I make the argument, when Thomas Sowell makes it so much better: An oil 'crisis'?: part II
When the costs are no longer being fully covered by prices, production is likely to be cut back, whether it is the production of oil or anything else. This is not speculation. This is what has been happening for literally thousands of years, going back to price controls in ancient Rome and Babylon.Yet price controls have always been popular politically, despite being counterproductive economically. After all, how many votes do economists have and how many voters know economics?
Posted by Ruy Diaz at August 24, 2005 11:29 AM
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