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Prof. Richard Gray: I guess I would take issue with whether in fact we've reached an equilibrium. I think it's quite normal that with a lot of products, basically what happens is that an industry develops a capacity to produce, if you like, in response to high prices. They invest considerably. They expand their capacity. As the capacity expands, production expands. That basically means they put downward pressure on prices and they stay in that situation until basically, over a long period of time, there's a lack of investment and the ability to produce is reduced relative to the demand and the prices come up again for short periods of time.
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