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51 comments on Demand Destruction: Myths and Reality
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51 comments on Demand Destruction: Myths and Reality
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Demand destruction in the UK means changing a lightbulb. Demand destruction in a poor country means doing without light.
The new demand destruction is prices are going higher because the poor live in growing economies and are making energy more expensive because they are plugging in light bulbs. I change my light bulbs because they put in a light bulb.
I move closer to work and save 200 gallons of gas a year because a few million people in a city I can't pronounce trade in their bicycle for a scooter. I call it the global oil arbitrage, similar to the global wage arbitrage.