Such packages are sold on the public’s faulty intuition that an erg of green energy consumed is an erg of fossil energy that stays in the ground. But it does not follow. The most widely celebrated paper in recent years on the economics of climate change concludes that green-energy subsidies mostly just increase total energy consumption rather than displace fossil fuels. The impact on CO2 and temperatures is “minuscule,” according to Princeton’s José Luis Cruz Álvarez and Esteban Rossi-Hansberg.
Arnold Kling calls on environmentalists to show their work. A slice:
To a first approximation, the best way to have a sustainable economy is to let the market work. In order to determine sustainability, markets perform a complex calculation problem. If a firm’s output sells for more than the cost of its inputs, then its production process is sustainable, and it remains in business. If it sells for less, it experiences losses, and it goes out of business. No public official has knowledge that can enable a regulator to outperform the price system.
Mark Perry celebrates the 110th anniversary of the birth of Milton Friedman.
And here’s Bryan Caplan, writing ten years ago on the centennial of Friedman’s birth. A slice:
Many libertarians look down on Friedman for his moderation and statist compromises. I’m about as radical as libertarians come, but these critics have never impressed me. By any normal standard, Friedman was a very radical libertarian indeed. If you’re going to take points off for a few deviations, remember to give him extra credit for earnestly trying to convince people who didn’t already agree with him. His arguments for liberty weren’t just intellectually compelling; he made them with humor and common decency. Friedman was a paragon of libertarian friendliness – a model of the nobility we should all aspire to.
Tyler Cowen remembers Geoff Brennan. (DBx: Although I don’t understand what Tyler means in his final paragraph about “intact.”)
A headline from CBC News: “Long COVID may now be less common than previously thought”.
Epidemiologist John Ayers explains why San Diego’s mask mandate won’t slow the spread of covid-19.
Victoria Fox tweets: (HT Jay Bhattacharya)
I love the way Ferrer accuses those who oppose ongoing COVID measures of not caring or wanting to protect (vulnerable) people.
Because I kind of feel the same way about people who continue to push disruptive/harmful measures that didn’t stop everyone from catching COVID.🤷🏼♀️
This letter by Phyllis Anderson in the Wall Street Journal asks a germane question:
Regarding Peggy Noonan’s “The ‘Great Resignation’ Started Long Ago” (Declarations, July 23): I marvel that discussion of vaccine mandates is frequently omitted from articles on workforce participation. How many millions of Americans who valued their jobs but chose not to vaccinate subsequently retired, were fired or were forced to quit?
Phyllis Anderson
