Worldwide

Secretary of Energy Confuses "Supply and Demand"

Secretary of Energy Confuses

Perry's visit comes a day after his tour of a coal-fired power plant in northern West Virginia, during which he suggested that energy supply will spark demand. What a time to be alive.

"Here's a little economics lesson: supply and demand", Perry said, according to Taylor Kuykendall of Standard & Poor's.

This is incorrect. On an unrelated (?) note, while an undergrad at Texas A&M University, Perry received a D in a class called "principles of economics".

"It's an old assertion named Say's Law and it's wrong". Say's Law is frequently misinterpreted as "supply creates its own demand", which is evidently false. "And I know for a fact not everyone passes it", he said. Adding more supply then acts to bring down the price.

Energy Secretary Rick Perry has a reputation for verbal gaffes, so the internet pounced on his latest remarks.

Of course, the Department of Energy is certainly tied and tethered to economic policy in myriad ways, so there's no doubt that Rick Perry is regrettably more influential in economic policy than many would prefer, but after this statement, we should be thanking our lucky stars that the man didn't finagle his way onto the Federal Reserve board.

The implication seemed to be that if the amount of coal increased, then the demand for that product would increase too.

"There is debate about the disconnect about what the administration is telling coal workers and their communities and the truths about the markets, so they're weaving a story and telling people in coal reliant areas that they have the power to revive the coal industry", she said.

Perry and his companion on the tour, U.S. Rep. Tim Murphy, R-Upper St. Clair, also praised work the lab was doing to identify and extract rare-earth elements from coal and coal byproducts.



Like this

loading...
loading...

Latest


12 April 2018
New Jersey Looking Towards Sports Betting
New Jersey has demonstrated recently that financial returns from legalising gambling, in particular online gambling can be huge . As of April 2018 New Jersey have spent a massive $7.2M dollars in the fight to legalise sports betting within the state borders.

29 March 2018
Max Polyakov: The Knowledge Economy and its Opportunities for Businesses
Knowledge should be the fundamental aspect of any production process, as well as it should be used in every technological process. Furthermore, the USA accounts for more than a quarter of the world economy (24.8%); the cash equivalent is about 18 trillion USD.

08 July 2017
Brady to release conditioning, nutrition book in September
So for anyone who's ever wondered why I feel better today than when I was 25, I've got something for you. TB is taking pre-orders on Amazon , where it's already earned the No. 1 Best-Seller slot for books.

08 July 2017
Achillion Pharmaceuticals (ACHN) Given Media Sentiment Rating of
COPYRIGHT VIOLATION NOTICE: This piece was originally posted by Sports Perspectives and is the property of of Sports Perspectives. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock.

08 July 2017
Austin Aries Released From WWE On Friday
The WWE announced on Friday the release of Austin Aries , who has recently competed in the WWE's cruiserweight division. Each match saw the Greatest Man That Ever Lived lose, before his disappearance from 205 Live after Extreme Rules .

08 July 2017
Dick's Sporting Goods (NYSE:DKS) Earns Daily News Impact Rating of 0.22
Analysts have placed a $51.58 price target on Dick's Sporting Goods , Inc., suggesting a 30.12% gain from recent close. The stock of TE Connectivity Ltd (NYSE:TEL) earned "Outperform" rating by RBC Capital Markets on Friday, September 25.

08 July 2017
Revenue Estimates Analysis Synchrony Financial (SYF)
It improved, as 49 investors sold MSFT shares while 897 reduced holdings. 128 funds opened positions while 266 raised stakes. Symphony Asset Management LLC now holds 97,505 shares worth $2,464,000. 1,535 were accumulated by Covington Capital Mngmt.

08 July 2017
League Report: Drogheda United 0 - 2 Finn Harps
Caolan McAleer was next to have an effort for Harps on 21 minutes as his curling effort was saved low by McGuinness. McAleer was again at the centre of the action on the half hour mark as he went closer again.

08 July 2017
How Analysts Feel About Alliance Resource Partners, LP (NASDAQ:ARLP)?
It dropped, as 126 investors sold AMZN shares while 478 reduced holdings. 80 funds opened positions while 126 raised stakes. On October 5 Deutsche Bank maintained a stock rating of "Buy" but lowered the price expectation from $36.00 to $32.00.

08 July 2017
Pepsico, Inc. (PEP) Stake Down in Latest Report from Livforsakringsbolaget Skandia, Omsesidigt
Advsrs Asset invested 0% in Cae Inc (USA) (NYSE:CAE). 741,144 shares or 13.91% less from 860,914 shares in 2016Q3 were reported. TRUDELL CYNTHIA sold $986,152 worth of PepsiCo , Inc. (NYSE:PEP). 98,339 are owned by Founders Cap Mgmt Limited Liability Corp.