Heresy

[jhetley]

There is no shortage of oil.  There's a shortage of oil at a particular price.  Economics 101.

Or don't they teach that any more?

Comments

[edschweppe.livejournal.com]

Or don't they teach that any more?
Only to those who actually take Economics 101. Which is, I suspect, an unfortunately-small percentage of the population.

And which excludes myself. (I took Economics 100 - micro and macro in one semester.)

[wcg.livejournal.com]

I don't think it's ever been a required course. Very few of my students have ever taken any class in economics or finance.

[starcat-jewel.livejournal.com]

There's also a lot of ignorance about what's causing the price to rise. I really do hear people saying things like, "The government needs to get off its ass and do something about getting these gas prices back down!"

I try to explain about the slipping value of the dollar (which we do conceivably have some control over, if anyone gave a shit), and the increase in demand from China and India (which we don't control and never will), but I don't know if it's doing any good.

[jhetley.livejournal.com]

Wasn't required for my architecture degree, but I managed to fit two semesters into the cracks, as electives for "distribution requirements." A lot easier than the chemistry and physics and calculus...

[jhetley.livejournal.com]

If more people understood that "supply and demand" is about as easy to repeal as "gravity"...

[wcg.livejournal.com]

I didn't even have that choice with my physics degree. I had to take a "science elective" and economics didn't count as science according to the physics department. So I took a semester of meteorology.

[jhetley.livejournal.com]

Gee, I can't understand why the physics department didn't consider economics a "science"...

[wcg.livejournal.com]

Hey, it's hard enough to get a physicist to acknowledge that chemistry is anything more than a specialized branch of quantum electrodynamics.

[ellyssian.livejournal.com]

Yeah, but they let you take a course in astrology meteorology! =)