Rising oil prices don't have to mean an economic apocalypse, $200 oil could actually translate into economic opportunities
Remembered more for his apocalyptic pessimism than his economics, 18th-century parson and thinker Thomas Malthus reasoned that too many people and too little food would eventually lead to rampant starvation. It didn't. Two hundred years later, the same rigid law of supply and demand is being applied to oil. There is only so much black gold left, doomsdayers say, and a fuel-starved world is looking at the bottom of the barrel.
Yet if history is any example, ingenuity can trump disaster. After all, we live in a market economy that can adjust, innovate, and progress. After Malthus's famous end-of-days scenario, necessity mothered invention: diversified agricultural techniques appeared, legislation led to cheaper food imports and the Industrial Revolution made for greater efficiencies.
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