SEGMENT: GLOBAL ECONOMY & REFLECTIONS
Dr. Edward Runge>LPL Interviews N-Z>LPL Interviews K-Z, Segment 6
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- GLOBAL ECONOMY
- Energy was cheap his whole life; gas at 19 cents a gallon long ago. Then in the 1970, prices went up, up again now. If cheap energy led to centralization and globalization, where does high energy prices lead - to localization? He doesn't want to go back to the 1940s. This era will change economics. In 1986 did an economic study, exporting cost one dollar subsidy to corn. If made ethanol, subsidy would have been only 25 cents a bushel. Can dispose of excess commodities this way. Some problems with food riots, but will settle out.