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To paraphrase Amartya Sen on famines, if oil prices crash an economy it will be for political reasons.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Tue Jun 10th, 2008 at 06:32:26 AM EST
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Does that follow?
by Colman (colman at eurotrib.com) on Tue Jun 10th, 2008 at 06:37:37 AM EST
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It depends on the definition of crash.

You can have a decline in GDP without large swathes of the population falling into poverty, but it takes a massively interventionist economic policy on the part of everyone.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes

by Migeru (migeru at eurotrib dot com) on Tue Jun 10th, 2008 at 06:41:09 AM EST
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