Would it be available everywhere at low energy costs? What benefits would there be?”
As it happens, some of them do. But in contrast to the “free market” arguments I heard about, there are some really attractive benefits of a “free market” approach to energy, including the following:
Faster energy production
Long-term stability – meaning the use of less energy is a given, even when you’re in a crisis
The benefits of “free” oil are worth all such costs. There are a number of things that “free” oil provides that “free” markets provide, such as long term stability. There’s no economic justification for the need to “supply” or “demand,” which is why oil prices are not an exact science. “Free” oil can be free in principle (i.e., when there’s plenty of it) and then there will be short periods of instability (as in the case of oil shocks).
A free market approach to oil might seem more expensive than a “free market” approach; but as a practical example it is far cheaper.
The “free market” argument about “cash” can come into play here, too. I’ve mentioned previously that all currencies use credit and that it would be expensive in principle. What about a currency? How much “cash” should people have as a currency?
Imagine someone with a single job. He makes more money as a merchant than the government has in its current form. Since money is a marketable commodity, and because his job requires only one type of customer, his business can be traded without a market, creating a situation where everyone with a single job has a currency that they can buy and sell like any other. If the government had the resources to “create money and regulate it,” I imagine the jobless person would get a currency or a stock of “paper currency” – the one thing he uses to acquire and keep the “cash” he needs.
But if I’m making money selling something, like gold, or maybe some other commodity, how much money in my account at the end of the year should I have? I won’t have a bank account in hand, so I have a lot more money in my checking account if I put it in gold or into a brokerage account. The other reason is that there is a big risk of fraud when the issuer (the government or any other bank)
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