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Michael Henderson

Michael Henderson suggests


Well, Yes....

Thursday, 24th July 2008

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I wouldn't quite phrase it this way myself:

The soaring price of gasoline has compounded the strains on America's cash-strapped consumers, forcing Americans to drive less, or take up more efficient cars.

I'd say rather that as the price of one good rises in relative terms then people substitute for it with those which are relatively cheaper. It's not so much "strains on cash-strapped consumers" it's simply the rational reaction to those changes in prices. The economy could be going great guns, incomes rising all over the place, and a rise in petrol prices will still produce the same effect.

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