In this comment, Professor Robert Mabro provides a critical assessment of the peak oil theory and how by focusing on the wrong questions, peak oil can shift attention away from more pressing and vital issues.
The purpose of this paper is to investigate the stability properties of a non-titonnement price and a monetary adjustment mechanism involving two countries: one oil-exporting and one oil-importing. Its distinguishing characteristic is that it brings together some elements of the theory of exhaustible resources and the modern balance-of-payments theory using a Bicksian, temporary equilibrium framework.
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