The Margin, Currency, and the Price of Oil

Philip K Verleger

Business Economics, 2011, vol. 46, issue 2, 82 pages

Abstract: One of Alfred Marshall's most important contributions was that the marginal buyer in the marginal market ultimately determines the price of a good. However, until recently, little attention has been paid to the fact that the location of the marginal buyer is not fixed. In the case of oil, the marginal market has shifted several times in the postwar period. This has created a number of complications in the analysis of market behavior. This paper describes these shifts, the reasons behind them, and their implications for the future.

Date: 2011
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