4 ms·
How would you explain the recent gas cap for Russian oil as the hand of the market?
by kilolima 4y ago
How would you explain the recent gas cap for Russian oil as the hand of the market?
- analognoise 4y agoThe hand of the market is a myth - we make the market. It isn't a divine force - that's the Neoliberism God talking. In this case, we have decided to limit the value of oil a pariah state which attacked a neighbor can sell at. Pretty simple, imo.
- pfdietz 4y agoMarkets are essential. A modern industrial economy cannot function without markets to provide prices for the millions of different things being produced. This is why the Soviet Union failed and why China moved to allow a market to operate.
- JumpCrisscross 4y ago> the recent gas cap for Russian oil as the hand of the market? As not market pricing? Markets work to find the most efficient economic solution, or at least local maxima. But everything isn’t economics. National security, for instance. So we take economic pain in exchange for national security outcomes. Domestic energy markets are different from international ones.