Saturday 27 May 2017

Wine drinkers can rest easy: basic economics tells us bad harvest won't mean price rise

Stephen Kinsella

Stephen Kinsella

China will be the largest wine consumer in Asia by 2020, with demand rising by 5pc every year

What do bottles of wine and Florida oranges have in common? More to the point, how will price changes hurt the average Irish household?

There are very few real laws in economics. What economists have are regularities we observe more often than not, and some accounting rules to add things up in the right way. Really that's it.

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