4 Ağustos 2008 Pazartesi

Murphy: "Petrol Spekülatörleri: Kötü mü, İyi mi?"

Oil Speculators: Bad or Good
by Robert P. Murphy
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Abstract: In this article, I make three main points. First, the theory of speculators driving oil prices does not fit the empirical evidence. Second, speculation—even by large institutional investors—plays a beneficial role in the oil markets. Finally, even if it were true that speculators were driving up prices, and even if this were a bad thing, it still would not follow that a federal government crackdown would make things better. Once again, it seems that the government has proposed a solution to an imaginary problem—a solution that won't work as advertised. The situation is roughly analogous to the head of FEMA performing a rain dance after Hurricane Katrina, on the theory that extra precipitation would help displaced residents move back into their flooded neighborhoods.

HTML: The Library of Economics and Liberty, http://www.econlib.org/library/Columns/y2008/Murphyspeculators.html