Saturday, April 08, 2006

Julian Simon (Still) Vindicated

It looks like if Julian Simon made his infamous wager today he would still be right:

"For example, if we were to calculate crude-oil prices in 2005 dollars, then the figure for 1980 would be $85.61 a barrel and the 2005 counterpart about $55 a barrel. It needs to be kept in mind that 1970 oil prices would be even higher. Similarly, the price of rice has plummeted from $1,039 a tonne in 1980 to $288 a tonne in 2005, whereas wheat has sunk from $414.19 a tonne in 1980 to $151.34 in 2005."

Via Johan Norberg