Ep. 172 How Much Oil Should Humanity Use This Year?
Harold Hotelling in 1931 wrote the pioneering article “The Economics of Exhaustible Resources” that described the equilibrium prices over time for a finite resource such as oil or coal. Bob explains the answer and how it matches with the Austrian view of time preference.
Mentioned in the Episode and Other Links of Interest:
- Bob’s EconLib article on the market trajectory of oil consumption and prices.
- Harold Hotelling’s pioneering 1931 article on “The Economics of Exhaustible Resources” (pdf).
- Help support the Bob Murphy Show.
The audio production for this episode was provided by Podsworth Media.
About the author, Robert
Christian and economist, Chief Economist at infineo, and Senior Fellow with the Mises Institute.
Why have a set podcast length? If it takes 2 hours to make a point do that. If its 17 minutes do that. Also please consider posting videos other places besides youtube.