It’s not just oil that has defied the complacency of a few years back. Food prices have also soared, as have the prices of basic metals. And the global surge in commodity prices is reviving a question we haven’t heard much since the 1970s: Will limited supplies of natural resources pose an obstacle to future world economic growth?
How you answer this question depends largely on what you believe is driving the rise in resource prices. Broadly speaking, there are three competing views.
The media flurry kicked up by Mr. Obama's gaffe powerfully confirms an argument I actually did make: That as they return again to the culture war, what the soldiers on all sides are doing is talking about class without actually addressing the economic basis of the subject.
Consider, for example, the one fateful charge that the punditry and the other candidates have fastened upon Mr. Obama – "elitism." No one means by this term that Mr. Obama is a wealthy person (he wasn't until last year), or even that he is an ally of the wealthy (although he might be that). What they mean is that he has committed a crime of attitude, and revealed his disdain for the common folk
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