One of the most economically uninformed ideas to gain currency of late is that of “peak oil” – a notion built on the solid-as-styrofoam idea that the supply of oil is mostly a matter of physics and other physical sciences. In fact, the supply of oil is a mostly a matter of economics, and anyone with a decent understanding of economics (especially from a Julian Simon-esque perspective) never gave, and will never give, an iota of credence to the peak-oil superstition. Mary Perry has an update.
Three items from Marginal Revolution: First, Tyler points us to research on health insurance and the supply of labor; second, Alex discusses an interesting U.S. case involving the Takings clause and homeowners’ associations; and third, Alex writes wisely about shadow banking and Glass-Steagall.
Jeff Miron weighs in on state- and local-government pension liabilities. (Or, contra Jeff, maybe these liabilities aren’t such a problem after all: “we” owe them to “ourselves.” Voila! Problem solved!)