Saturday, December 31, 2011

George Will you need a lesson in supply and demand

In 2011, for the first time in 62 years, America was a net exporter of petroleum products. For the indefinite future, a specter is haunting progressivism, the specter of abundance. George Will
His opinion piece skips supply and demand throughout. We have an abundance of oil because we are using less of it at the higher price. Foreigners, evidently can find better uses for refine petroleum at the margin.

The George attacks the Progressives, failing to acknowledge that progressives, including their enabling economists, ignore supply and demand. We have too many government bureaucrats, George, because taxes are too low. Supply and demand? Get it?

Supply and Demand, it still works in spite of the nonsense learned in graduate economics.

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