Oil, biofuels and inflation
DOI:
https://doi.org/10.35319/7gmzp976Keywords:
Inflation, Market economy, Fiscal and monetary policies, Non-renewable natural resourcesAbstract
Just when most governments, businesses, and societies believed inflation had been relegated to history, it has unexpectedly returned and is now affecting many countries around the world. While inflation is inherent to market economies, its causes and effects vary depending on each country’s characteristics and the global context. In the past, inflation was mainly caused by short-term domestic factors, but in the 21st century, it is increasingly driven by global and structural causes. The two key drivers of current inflation are: (1) the gradual depletion of non-renewable natural resources, especially hydrocarbons, and (2) global warming triggered by their overuse. Even though these risks were well known, many political and business leaders failed to take timely and effective action, focusing instead on maximizing profits. Addressing the issue now requires comprehensive fiscal and monetary policies that adapt to these new global challenges.
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