“Seven Principles of Sound Environmental Policy” (Hayes and Myers on free-market environmentalism)
By Robert Bradley Jr. -- June 22, 2020Two leading free-market environmental scholars are Jason Hayes, Director of Environmental Policy at Mackinac Center for Public Policy (Midland, Michigan) and Todd Myers, Director of the Center for the Environment at Washington Policy Center (Seattle, Washington). The post below excerpts from their recent joint study, Sound Environmental Policy.
“… enlisting the power of free markets, property rights and rapid technological advances strengthens and improves environmental management at all levels.”
We recognize and embrace our responsibility to care for environmentally beautiful and productive lands. Proper stewardship of our forests, rivers, rangelands and open spaces is an essential part of our everyday life. We care for the environment and believe that individuals and organizations possess the local knowledge needed to make effective stewardship decisions. Moving land use and management decisions from state bureaucracies to individuals in the field will incentivize the best decisions and promote long-term benefits for our natural resources.…
Continue ReadingAsphalt Paves the Way
By American Oil & Gas Historical Society -- June 18, 2020A major theme of political economy is the undesigned order of the market under private ownership, voluntary exchange, and the rule of law. By permission from the American Oil & Gas Historical Society, MasterResource will publish articles documenting the progress of the market-driven U.S. energy industry. (This article was originally published by AOGS in 2014.)
American mobility would soon depend on a petroleum product from the bottom of the distillation process.
[Pennsylvania Avenue was first paved bitumen imported from Trinidad bitumen in 1876. Thirty-one years later, a better asphalt derived from petroleum distillation was used to repave the famed pathway to the Capitol, above.]
President Ulysses S. Grant directed that Pennsylvania Avenue be paved with Trinidad asphalt. By 1876, the president’s paving project covered about 54,000 square yards, according to A Century of Progress: The History of Hot Mix Asphalt, published in 1992 by National Asphalt Pavement Association.…
Continue ReadingPetroleum Trash to Treasure: Market Incentives Spark Human Ingenuity
By Joanna Szurmak -- June 17, 2020Editor Note: This post is by two leading scholars working in the Julian Simon, Austrian School, Institutionalist School traditions. Authors of Population Bombed!, Pierre Desrochers and Joanna Szurmak are important figures at MasterResource.
Even greater creativity and market complexity can be observed in the history of the petroleum production and refining industries. Market institutions and incentives provide the framework from which a plenitude of individuals and companies make their contribution.
Black, Black Progress
Petroleum was first sought after in western Pennsylvania in the 1850s, as it proved a more economical source of kerosene (a combustible hydrocarbon used for illumination), which had previously been produced from coal, oil shale, and bitumen. Kerosene was seen as a superior and more reliable alternative to animal and vegetable oils, the best of which were derived from sperm whales.…
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