“The top-down approach by many [Peak Oil] analysts tends to ignore the explanatory variables behind oil supply trends. [They] merely extrapolate recent trends, especially if they are declining. Oil prices, fiscal regimes, and other factors that influence investment and supply trends are ignored….”

“While it is true that the success of any given wildcat cannot be predicted, you can forecast that discoveries will continue to occur and that a certain percentage of exploratory wells will find oil. And where the resource base has a history of exploration, the confidence about discoveries grows, especially in terms of the success rate.”

Abstract: The presumption that the inability to predict a given oil field discovery translates into an assumption of no discoveries is a primary factor behind neo-Malthusian pessimism about oil supply.  Given data for a basin, it can be safely assumed that a certain level of discoveries will continue.…

Editor Note: Jack High, retired from a professorship in economics at George Mason University, came to specialize in political economy, particularly business lobbying (rent-seeking) for special government favor. In this regard, he edited Regulation: Economic Theory and History (University of Michigan Press: 1991) and wrote (with Clayton Coppin) The Politics of Purity (University of Michigan Press: 1999). This interview discusses this interest given the resurgence of themes relating to political capitalism , contra-capitalism, and corporate cronyism, important themes at MasterResource.

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Part I: Discovering, Teaching Market-Process Economics

Q. Jack, just to (re)introduce you to readers, tell us a bit about how you became an academic economist and came to embrace Austrian School’ or ‘market process’ economics.

A. In the late 1960s I read two books, Economics in One Lesson by Henry Hazlitt and Capitalism the Unknown Ideal by Ayn Rand, that piqued my interest in economics.…

“Comparing straight costs for disparate products or where there are intangibles involved (convenience of a gasoline engine versus low maintenance on an electric vehicle) can be tricky and allow for wild differences in estimated consumer demand for a product, even without disagreements over future cost trends.”

“Although costs have been dropping for the Cleantech products such as solar, wind power, and lithium-ion batteries, costs for a number of other long-advocated energies such as cellulosic ethanol have not…. The ultimate lesson is an old one:  skepticism should always be applied, especially to the more optimistic predictions.”

Any number of analytical and advocacy groups have pointed to plummeting costs for wind, solar and lithium-ion batteries to predict massive changes in the future energy industry, some more aggressive than others.  The UK-based think tank RethinkX, for example, expects a huge shift from private vehicle ownership to the use of Transportation As A Service, provided mostly by battery-powered autonomous (self-driving) vehicles.…

“R Street continues to live the lie of ‘engag[ing] in policy research and outreach to promote free markets and limited, effective government.’ Pricing carbon dioxide, replete with global tariffs (‘border adjustments’) and tax differentials (‘equity adjustments’), coupled with a government-forced transformation to (not so) ‘clean’ political energies, has nothing to do with classical liberalism, energy freedom, free markets, or limited-and-effective government.”

It had to happen.

With its Left Progressive donors, R Street Institute was going to march down the statist road as one initiative got replaced with another.

Founded in 2012 with climate-alarmist/Left money, R Street tried to shed into new free-market skin by pitching a seemingly soft proposal to substitute new/better government intervention for worse/existing intervention. Specifically, replace existing climate regulation with carbon-dioxide (CO2) tax-and-dividend. That was during the Obama era, assumed to turn into the Hillary era.…