[Editor Comment: Previous posts at MasterResource (see here and here) have critically reviewed Moore’s Law applied to energy systems. Mr. Lightfoot revisits the issue below based on his article in Engineering Dimensions (May/June 2013). His views about the need for government direction to achieve energy transformation are the author’s alone.]
In a 2009 speech before the United Nations, Israeli Prime Minister Benjamin Netanyahu spoke about hope for the future:
“It took us centuries to get from the printing press to the telephone, decades to get from the telephone to the personal computer, and only a few years to get from the personal computer to the internet. What seemed impossible a few years ago is already outdated, and we can scarcely fathom the changes that are yet to come.…
Continue Reading“Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousand fold by a factor that is insignificant in, say, physics, mathematics or medicine – the special pleading of selfish interests.”
– Henry Hazlitt, Economics in One Lesson (1946)
Henry Hazlitt (d. 1993) was born on this day in 1894. As has been done with other great classical liberal thinkers at MasterResource, this post celebrates Hazlitt’s birthday by applying his thinking to the current policy debate.
Specifically, Chapter 14 of Hazlitt’s book Economics in One Lesson, “Saving the X Industry,” despite being published in 1946, enlightens the current discussion about the wind production tax credit, which is set to expire at the end of this year unless Congress extends it.…
Continue Reading“It is well known that Texas is undergoing a major challenge in maintaining resource adequacy due to improper price signals; less well known is that a significant portion of the problem can be laid directly on the doorstep of subsidies for wind generation.”
The federal Production Tax Credit (PTC), which currently provides a $0.022/kWh subsidy to qualifying renewables, is set to expire at year-end. Just the prospect of expiration has dramatically slowed new construction of industrial wind capacity, despite a raft of other subsidies to politically correct energy. [1]
The Texas Public Policy Foundation has released a new paper looking at the effect of the production tax credit both on taxpayers and consumers. Bill Peacock and I found that PTC continuance puts the Texas electricity market at increased risk of price spikes and blackout by discouraging the construction of new reliable, on-peak generating capacity.…
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