E. Frank Stephenson
efsephenson@berry.eduRelated Freeman Articles
Article
An Economics Lesson for the Drug Czar
Is a Reduction in Illegal Drug Expenditure Good News?
JUNE 30, 2010 by E. FRANK STEPHENSON
Book Review
The Price of Everything: A Parable of Possibility and Prosperity
APRIL 02, 2009 by E. FRANK STEPHENSON
It Just Ain't So
T. Boone Pickens is Right About Oil Imports? It Just Ain't So!
APRIL 01, 2009 by E. FRANK STEPHENSON
The $700 billion that Americans spend annually to purchase oil from other countries (according to Pickens) is a price not a transfer. For the $700 billion we send to oil exporters, we get something in return—oil. Our receipt of millions of barrels of oil in exchange for that money is hardly a transfer. We receive a versatile commodity that can be used for everything from making plastics to fueling family vacations. The exporters receive the $700 billion that they can then use to purchase other goods and services.
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