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This book provides a clear-eyed analysis of questions at the intersection of commodity markets, natural resource economics, and public policy.

Stock market booms are cause for celebration. But when oil prices soar because supplies are failing to keep up with demand, the response is nearly always apocalyptic. Predictions of the end of oil can create anxiety on Wall Street and in Washington, stoking fears that production has hit a ceiling and prices will rise in perpetuity. Yet these dire visions have always proven wrong. Market Madness is the story of four waves of American anxiety over the last 100 years about a looming end to oil reserves. Their sweeping pattern-as large price increases lead to widespread shortage fears that...

This book provides a clear-eyed analysis of questions at the intersection of commodity markets, natural resource economics, and public policy.