In recent months, the state of New York has been a focal point in the broader public debate over hydraulic fracturing. Activists in the state have teamed with musicians (in the loosest possible definition of the term) and Los Angeles movie stars to try to block shale development from occurring.
Hollywood’s finest, including Robert Redford and airline aficionado Alec Baldwin, as well as celebrities like meat-suit-wearing Lady Gaga have expended great effort in trying to undermine scientific conclusions about the safety of hydraulic fracturing.
Meanwhile, unemployment remains unacceptably high in the areas of upstate New York where prospective natural gas development would be located. So, it was with perhaps little surprise that when the voters in the Southern Tier had their say at the ballot box last week, they sent a clear message that they’ve had enough of “artists” telling them how to live their lives.…
Continue Reading“The PTC was created in 1992 to get the wind industry off the ground. Yet 20 years later, we have little to show for it.”
When it comes to rent-seeking by business, Concentrated Benefits + Diffused Costs = Government Growth.
In “Regulatory Failure by the Numbers,” a simple hypothetical was given:
“While the benefits of a regulation may be enjoyed by a relative few, the costs are often spread out among many. If the per person cost of a regulation is only a dollar or two, no one has a financial incentive to travel to Washington to lobby against it.”
Economists in the 19th century understood the problem created by this incentive asymmetry, and Michael Giberson found this in a 1935 book explaining the passage of the Smoot-Hawley Tariff:
… Continue Reading“Although .
“Soviet-style central planning may have died with the fall of the Berlin Wall in 1989 and the collapse of the Soviet Union in 1991. But what has not yet had that demise is that other variation on the collectivist theme: ‘democratic socialism’ (European-style) and the redistributive welfare state.”
“But what is required, what is asked of all of us who care about liberty, is not to allow the everyday ‘trends’ and outcomes of electoral politics to make us so despondent that we ‘give up the good fight.’ Only if we do so will the institutions of the paternalistic welfare state remain intact — even as the money dries up!”
It is worth recalling the state of the world when Ludwig von Mises wrote “Trends Can Change” 61 years ago (see Part I in this series).…
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