What a relief. We may be turning the corner and it never felt so good. Economic theory holds that prices can only rise so high before customers are no longer willing to pay for a product, a phenomenon called “demand destruction”.
So the phenomenon has a name and now it needs momentum. Oil is only the beginning. We need demand destruction across the board before we consume ourselves.
5 Comments
self-consumption mite not be a bad idea, especially if the over-consumers went first.
http://www.salon.com/wires/ap/world/2008/07/17/D91VPT6G0_australia_pope/index.html
Don’t buy stuff.
That’s my new mantra. And if you do need something buy it used.
This will negatively affect the economy in the short run. However we no longer have the option of doing things that are positive in the short run- we’re in a long term battle for global survival…
Don’t buy stuff.
You don’t need it.
I probably wasn’t paying attention but isn’t what you call ‘demand destruction’ just a new term for ‘supply and demand capitalism’ (?) – which is not a negative term for me.
paolo.
Oh yeah, tools are not ‘stuff’ if you use them to create useful things (like your income). Stuff is things you don’t really need.