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The Strait Of Hormuz Crisis Exposes A Fatal Flaw In Economic Thinking
The Strait Of Hormuz Crisis Exposes A Fatal Flaw In Economic Thinking
Authored by Kurt Cobb via Resource Insights,
Even a 4–5% loss in global energy supply could translate into a comparable drop in economic activity due to energy’s central role in all production.
Disruptions in oil and LNG flows through the Strait of Hormuz are already removing a significant share of global energy, with cascading impacts across industries.
Rising energy costs trigger widespread knock-on effects—from food and travel to semiconductors—potentially leading to a severe global recession.
A priest, an engineer, and an economist are...
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Commentary
Nietzsche thought that the decline of the Christian religion in Europe would inevitably lead to a social, cultural, and moral crisis. This was because a traditional morality based upon religious belief could not be upheld once the religious belief itself weakened or was abandoned.
Justin Sullivan/Getty Images
This was not an original thought. The poet and essayist Matthew Arnold said much the same thing in a poem, “Dover Beach,” written in...
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