In a comically reductio ad absurdam argument, Boudreaux defends oil speculators. Forgets to mention who his employers are.

March 14, 2012 § Leave a comment

In a comically reductio ad absurdam argument, Boudreaux defends oil speculators.  Forgets to mention his employers are.

“My tank is actually way more than half full now.  I’m topping it off because I’m sure the price will be even higher this weekend.”  When your reporter then asked her “What do you think explains these rising prices?” she replied “Speculators.”  Your reporter followed up with “Do you think they should be stopped?”  The motorist responded immediately: “Of course!  They’re criminal.”

Speculating that the price of gasoline will rise, this motorist took action today – buying gasoline that she otherwise wouldn’t have bought today – that puts upward pressure on the price of gasoline today.

Had your reporter pointed out that this motorist herself is speculating in gasoline, I wonder if this motorist would have persisted in regarding speculation as being criminal.

http://cafehayek.com/2012/03/a-tank-full-of-economic-misunderstanding.html

Relevant: http://i.imgur.com/7WYPi.png

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