leverage (was Re: Bina on Iraq)

Christian Gregory christian11 at mindspring.com
Tue Mar 11 10:01:39 PST 2003



>I'm still grappling with this but, over the past two decades there haven't been any successful politically-inspired manipulations of the price of oil, have there?

No, I agree on that. I'm a little more interested in the terms of the debate. Despite all that is said about the imperfections of perfect competition, the whole argument about prevailing prices, derived from Marx through Ricardo, seems to me to imitate the neoclassical argument about equilibrium prices, as, in its own way, does the argument about competition. I like the way Bina addresses in principle, but I'd like something a little more than deductions from theory.

Christian



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