tag:blogger.com,1999:blog-20142791.post5367747781828520461..comments2024-03-11T07:41:19.149-04:00Comments on The Perfect Substitute: How Could He Possibly Know This?Unknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-20142791.post-34252645715218322862008-05-21T15:21:00.000-04:002008-05-21T15:21:00.000-04:00I suppose he could subjectively determine what "no...I suppose he could subjectively determine what "normal" supply and demand curves should map out, and from there, determine what the price should be.<BR/><BR/>Of course, there's no reason to believe his "normal" is any more "normal" than mine. His might be based on historical precedent, but is there any reason to believe that the history of oil prices should be indicative of the future?<BR/><BR/>Of course, the larger issue is: What should the price of anything be? Isn't this moving down the labor theory of value path?Matt E. Ryanhttps://www.blogger.com/profile/00290146649328322694noreply@blogger.com