tag:blogger.com,1999:blog-13194839.post9144239537700009846..comments2023-06-30T01:39:28.918-07:00Comments on B.C. Policy Perspectives: REVIEW: Prof. Smeaton's Analysis of the Great RecessionMark Crawfordhttp://www.blogger.com/profile/11904245045490682686noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-13194839.post-68674612026523036302012-10-16T16:09:24.110-07:002012-10-16T16:09:24.110-07:00Interesting discussion. Perhaps my own phrasing of... Interesting discussion. Perhaps my own phrasing of "post-oil crisis" was a mis-characterization of what Duncan said in his book. But the truth that jumped out at me was how an oil cartel -- OPEC--set in motion a series of political and ideological changes in the West. THere will continue to be oil-related shocks for the rest of my lifetime, no doubt.<br /><br />As for consumption taxes--B. is right , ceteris paribus they are regressive. But that is not dispositive, when you consider that France and Sweden rely upon them for almost half of their revenue, and when you consider that consumption taxes likely (1) improve underlying trade-offs; and (2) help to shift us away from a debt-driven economy to one that rewards both effort and thrift better.Mark Crawfordhttps://www.blogger.com/profile/11904245045490682686noreply@blogger.comtag:blogger.com,1999:blog-13194839.post-33445163938481777562012-10-16T16:02:32.437-07:002012-10-16T16:02:32.437-07:00Disagree somewhat:
1. Cheap is a relative term - ...Disagree somewhat:<br /><br />1. Cheap is a relative term - must put it into inflation perspective... I think real prices of oil will go up, and down, for the foreseeable future<br />what with fracking and the like.<br /><br />2. The problem is not cheap, or expensive, oil, but rather the time needed to adjust to new price regimes. Oil is key as it is so pervasive, but with time, the economy can and does adjust.<br /><br />3. Can there be any doubt that there is tech progress on energy: both the conserving of it, and the finding new sources?<br /><br />4. Consumption taxes put a levy on the use of 'common' resources - better than taxing productive saving/investment. And so what? Tax consumption then offset the sinful regression with income compensation.<br /><br />Generally speaking this 'Club of Rome' mentality about scarce resources gives little shrift to role of prices in the dynamic balancing of 'scarce resources amongst competing ends'. Indeed, resources have always been<br />scarce.<br /><br />Cheers,<br /><br />DAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13194839.post-78079899343454246002012-10-16T15:07:54.005-07:002012-10-16T15:07:54.005-07:00Hi Mark,
Two thoughts.
It’ll never be the “po...Hi Mark,<br /> <br />Two thoughts. <br /> <br />It’ll never be the “post”-oil crisis. The age of cheap energy is over, in the absence of a technological breakthrough. And that’s part of the biggest problem the world faces – scarce resources. I don’t believe those you say we do have them because of the way they talk about oil. They don’t make a distinction between the easily available oil we used to have and what we have left, which is very difficult to get at.<br /> <br />Also, consumption taxes are regressive.<br /> <br />B.<br /> Anonymousnoreply@blogger.com