The myriad adjustments to expensive gas show us how market processes change our activities and behavior. We use less of some things and more of others, and we innovate. In more concrete terms, we drive less and walk more, and we invest in alternative sources of energy. Perhaps we telecommute instead of driving to the office. The number of venture capital firms focusing on alternative energy sources has increased rapidly in the last few years, and blueprints for do-it-yourself solar iPod chargers, solar lawnmowers, and other solar technologies are all over the Internet. Some students at my institution made a solar iPod charger as part of a year-end project this past semester. The list of innovative responses to high gas prices goes on and on.
The situation of high gasoline prices and a sluggish economy will be a boon to entrepreneurs with vision and a disaster for those who cannot adjust to the reality.
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