Wednesday, May 19, 2004
Oil will not perish. Not in our lifetime...
Reading discussion on oil by Kling and Cowen, I follow Cowen's link to Julian Simon's bet with Paul Ehrlich. Eventually Simon wins. Does this mean Hotelling (a finite resource will increase in price by the same as the interest rate) was wrong? Or, just like Cowen said, we simply are confused?
Posted by Aco at 9:38:00 PM