“[Julian] Simon found that humanity progressed not only by solving immediate problems within the existing institutional framework but also by creatively improving the framework over time. . . . In the short run, members of society adopt localized technical and contractual fixes. In the medium range, they may explore government regulatory policies. In the longer term, they expand the scope and scale of the liberal institutions. These institutions of economic freedom—private property, binding contracts, and the rule of law—improve incentive structures that foster both economic well-being and environmental stewardship.”
– Fred Smith, “Introduction,” in Robert Bradley, Julian Simon and the Triumph of Energy Sustainability (Washington, D.C.: ALEC, 2000), p. 12.
Julian Simon (1932–98) would have been eighty years old today. MasterResource is inspired by his contributions to energy (what he labeled “the master resource”), as well as his open-ended view of human ingenuity (what he called “the ultimate resource”).…
Continue ReadingOne of the greatest and most unheralded successes of industrial capitalism is making our climate eminently livable.
The mass-production of sturdy, weather-proof buildings … the universal availability of heating and air conditioning … the ability to flee the most vicious storms through modern transportation … the protection from drought through modern irrigation … the protection from disease through modern sanitation–all of these have led to a 99 percent reduction in the number of climate-related deaths over the last century.
Given how obsessed America is about climate change (or some intellectuals/politicians want us to be), these facts should be well-known and incorporated into every discussion of industrial policy. Those who claim to care about a livable climate for the future should strive to understand the mechanisms by which industrial capitalism has already created the most livable climate in history.…
Continue ReadingTexas and Europe don’t have a lot in common. But when it comes to government support for renewable energy, the Lone Star state has followed the same course as many European nations.
In the late 1990s, while the European Union was urging member nations to adopt targets for the percentage of their energy produced from renewable sources, Texas enacted a renewable portfolio standard (RPS) mandating that the state’s competitive electric providers buy a minimum 2,000 MW of qualifying renewable energy by 2009. The purchase mandate was part of a broad electricity restructuring bill sponsored by Enron Corp., parent of Enron Wind Corporation, a story detailed elsewhere at MasterResource.
The Texas Legislature, with the support of Governor Rick Perry, later increased the RPS to 10,000-MW by 2025. Texas met this target for installed wind capacity in 2010, a full fifteen years ahead of schedule.…
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