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Gabriel M.

>> "The arguments in favour of free markets is NOT based on an assumption of perfect competition."

Well, *some* are. :-)

But more to the point... given the OPEC history, wouldn't it have been better if these events never had occured? Real output was lost, welfare suffered.

A non-persistent mess is still a mess.


sure but we live in the real world and need to compare likely alternatives... in other words lets compare learning mechanisms rather than idealised responses.


Am ok

Bernhard J Hamaker

The problem Gabriel refers to is very relevant. Real output was lost and, perhaps more important, energy research became more expensive. At a time when alternative enrgy research may have held even higher interest than it does now the cartel was strangling research from every direction.

It erally is a shame that we don't have better solar and wind power. I'm not objected to oil--I think it's a wonderful limited resource--but I have to say there's nothing like the freedom of no refueling, no power bill, no price fluctuations. I think we need to use the remaining oil in pusuit of the next source.

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