Publications: Notes at the Margin

Economic Illiteracy: An Essential Component of Energy Market Analysis (November 16, 2015)


The International Energy Agency issued its annual World Energy Outlook last Tuesday. The document received widespread coverage among those who follow energy. The rest of the intelligent population—those who follow the global economy, business, or international relationships—paid less attention, at least initially. They should be so lucky as to never squander time on it. The report is a horrible waste of taxpayer money and, when printed, just one more burden on the environment. In this week's Notes at the Margin, we focus on the agency's failure to think about the economic structure of markets, particularly how the market prices of goods ranging from abacuses to zip lines (in other words, a to z) are determined and discovered. 


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