<The Beginning of the End of Oil? The Oil Drum Deffeyes on Book TV (CSpan2) Tonight>

53 comments on I guess this is discourse...? (or Levitt of Freakonomics on today's Maass piece)

Comments can no longer be added to this story.

| Show without comments | PDF version

Rick on August 21, 2005 - 2:09pm Permalink | Subthread | Comments top
Interestingly, I think Levitt believes that supply may be a problem. But he is making an argument based on faith: markets will work. He assumes that demand is elastic; that supply will be constrained only a little; that changes will be gradual enough so everyone can react in an orderly way.

Life will be a lot more fun if he's right.

Most economic analyses assume that there is perfect information about supply and demand available to both buyers and sellers. We know this assumption is untrue, and that alone creates a market failure. The fact that 77% of reserves are owned by governments with their own agendas doesn't offer a lot of hope for unfettered markets either.

Comments can no longer be added to this story.
Prof. Goose on August 21, 2005 - 2:10pm Permalink | Subthread | Parent | Comments top
By the way Rick, thanks for the mention in the comments of NYT.  It's always heartening to see folks waving the community flag...  :)
Comments can no longer be added to this story.

53 comments on I guess this is discourse...? (or Levitt of Freakonomics on today's Maass piece)

Comments can no longer be added to this story.

| Show without comments | PDF version