Tue Aug 23rd, 2005 at 01:18:00 AM EST
The Times' John Tierney proposed a bet (http://www.nytimes.com/2005/08/23/opinion/23tierney.html) with "Twilight in the Desert" author Matthew Simmons that the price of oil would not increase faster than wages:
"I proposed to him a bet using what Julian considered the best measure of a resource's value: how it compares with the average worker's wage. I offered to bet that the price of oil would not rise faster than the average wage, meaning that future workers would be able to afford oil more easily than they could today."
And he says he's willing to extend this challenge to anybody else who wants to take it. Will you?
(A little more below the fold)
By the way, the bet Simmons responded with was much more generous to Tierney - that prices would more than triple in real terms.
Tierney places his faith in his good friend economist Julian Simon, who wrote a book which, according to Tierney, "showed how human ingenuity had kept driving down the price of energy and other natural resources for centuries."
I wonder how many takers he'll get.
cross posted at DailyKos