...Dr. Pat Deneen reports that the WALL STREET JOURNAL is baffled when it comes to oil: When demand goes up, the incentive should be there to increase the supply. But not so with oil these days, and so economists really can’t predict how high the price might go. Deneen sticks it to the economists even more: How come they can’t explain why people aren’t acting more like "rational actors" and rapidly curtailing their dependence on oil? I’m not a "peak oil" guy for now, but there’s cause for concern. Our inflation numbers would already look a lot worse if the rapid increase in the cost of oil wasn’t compensated for by the falling cost of houses. Question for discussion: Exactly how much concern makes sense? At the beginning of this campaign, the Giuliani supporters especially were touting the excellent performance of our economy. How far have we moved away from those days?