Abstract
Predictions that the constant-dollar price of oil will rise again to surpass and remain above the all-time peaks reached in 1981 rest on strong logical premises. The truism that natural resources are finite unites with the paradigms of Malthus, Ricardo, and Hotelling to imply that the terms of trade will forever flow in favor of resource owners, particularly the owners of depletable resources.
Get full access to this article
View all access options for this article.