Mid east's economic boom
In a blog on the Chicago Boyz site there is reference of a WSJ article about the OPEC oil cartel, the inelastic demand for their energy sources, and the resulting economic boom in the area. In the article it states that their stock markets have out-paced our own by at lest twice as much in the last decade, their cash rich banks are investing at record levels, and all seems to be exploding economically. Could this be the luck of having a natural resource that the world can't live without or is their business structure just that much better? I think it's both the luck and business structure to use a natural resource to finance an economic boom that is going to last as long as the oils inelastic demand.