If you believe Hamilton’s view of fundamentals, and you believe my view that it’s the job of speculators to anticipate fundamentals, then what you should blame speculators for is keeping prices too low in 2006 and 2007 (in fact, in all previous years).
Quelle: EconLog, My Question for James Hamilton, Arnold Kling: Library of Economics and Liberty
Oder anders herum gefragt:
If anyone claims that the price of oil today should be no higher than it was last year, then I think it’s reasonable to ask them also to provide us with the following detail underlying their assertion– If oil were selling today for the same price as last year, what would be the quantity demanded?
[…] We [USA] were only able to buy 19.9 mb/d in the first quarter when we offered a price near $100. So why would it have been possible to secure the 21 mb/d that consumers would likely have wanted at a price of $72?
Quelle: Econbrowser: How big a contribution could oil speculation be making?
