Prosperity depends on cost of oil linked to war Optimal Strategy of Major Powers


1. True price of oil and falsehood of global economic growth
Global output is measured by prices of products and services. Prices are expressed in units of created fiat money like dollar, euro and yen. Net output measured by price minus cost is roughly growth. Labor cost depends on demand and supply for labor. But the current global market reflects only the costs of extraction, refining, distribution and selling. It does not include any natural oil itself. The tacit presumption is that this resource is free.

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