If oil prices remain at a sustained high due to a war with Iran, it would mean a higher cost of living for most Americans, but it could help certain regions and populations within the US, such as oil-producing states like Texas and Oklahoma.
What are the different concepts of financial risk? How do Austrian economists conceive of risk, uncertainty, and probability? Christian Hoffmann, parting ways with Mises, provides a taxonomy and cautions about the predominance of probability statistics in the realm of economics and finance.
A reason the left is good as what it does: it thinks big and thinks long term. Conservatives and libertarians, meanwhile, like to give up immediately if something seems like it might take a while, or if other people don't embrace their ideas instantly.