Price Signals and Free Markets Lead to Oil Exploration: Who’d a Thunk It?
Lynne Kiesling From a good article in today’s New York Times: 2009 is turning out to be a bumper year for new oil discoveries; new oil discoveries always occur, but this year has been unusually fruitful. This quote from the article illustrates the important dynamic intertemporal incentives that price signals provide: These discoveries, spanning five …
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