Re:America produces enough oil to meet its needs, so why do ...
by rtpg on Wednesday March 09, 2022 @12:48AM
(#30611320)
Free markets _do_ presuppose supply being available if given enough money! Free markets assume atomic actors, instant feedback loops, and nothing like a supply ceiling.
The Texas blackout had a supply ceiling, but no price ceiling (and low elasticity in choice from the consumers, because people didn't want to freeze). It's a far cry from a free market during that week.
The Texas blackout had a supply ceiling, but no price ceiling (and low elasticity in choice from the consumers, because people didn't want to freeze). It's a far cry from a free market during that week.