“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)
A year ago, the American Wind Energy Association (AWEA) was desperately fighting against the scheduled expiration of its most prized federal subsidy, the wind production tax credit (PTC). As I wrote at that time, AWEA’s argument–please government, keep our activity going for job creation and other economic gain–rested on a basic, long-debunked fallacy of economics.
AWEA believes that wind’s “is” equals “ought”–that recorded activity is a per se good.…
[Editor note: The post is a slightly revised version of what was posted at the Institute for Energy Research website on September 17. The primary author was Daniel R. Simmons, director of state energy affairs. Next week, Michael Giberson will evaluate IER’s defense of the Danish study at MasterResource in light of his own first impressions.]
Energy is critical for our economy and our future, and the real issues deserve to be debated. That is why we appreciated the initial response on the American Wind Energy Association’s website to the recent study, Wind Energy: The Case of Denmark. It appears that AWEA actually read the study and raised some questions related to energy.
The same cannot be said of other responses, such as this blog post from NRDC.…