Editor note: This piece is reproduced from the website www.politicalcaptitalism.org with the permission of the author. This post, the first in a series, is germane to the current debate over climate/energy legislation that is backed by a number of large U.S. corporations (Enron then; GE, Duke, DuPont, etc. now).
Political capitalism is a private-property, market-oriented system that is compromised by business-sponsored government intervention. It is a socioeconomic system in which many or most regulations, subsidies, and tax-code provisions result from the lobbying efforts of directly affected businesses and their allies.
Today in the United States, there is greater political transparency and competition between political elites than was evident in the business-dominated past (the 19th and most of the 20th centuries). Interventions routinely result from non-business special interests representing education, the environment, labor, minorities, religion, retirees, science, and taxpayers, among others.…
Continue ReadingOne of the ugliest battles in the blogosphere climate wars has involved the newly released Superfreakonomics, sequel to the best-selling Freakonomics. In the new book’s final chapter (available here in pdf), economist Steven Levitt and journalist Stephen Dubner set out to challenge the view that massively restricting carbon emissions is the only hope for averting planetwide catastrophe.
In this post I will link to some of the major commentary on the book so far, and then focus on U.C. Berkeley economist Brad DeLong’s specific claims that Levitt and Dubner’s arguments in support of geoengineering are somehow “bad economics.” As we’ll see, Levitt and Dubner might be wrong, but if so they are wrong because of the numbers. DeLong is painting their views as self-evidently absurd, but that’s only because he himself is overlooking a basic economic point.…
Continue ReadingOn October 16, 2009, the Houston Chronicle ran an Outlook piece by Dr. Ronald Sass— a fellow in global climate change at the Baker Institute and Professor of Natural Sciences emeritus at Rice University–complaining that Texas governor Rick Perry was getting his ideas about climate change from unreliable sources. Apparently, that Governor Perry is not hopping on the climate alarmism/policy activism bandwagon has Dr. Sass a bit concerned. Make no mistake about a political agenda of the giver of this advice that goes far beyond natural science issues.
Dr. Sass argues that the latest findings of the Intergovernmental Panel on Climate Change (IPCC) should be the end all and be all of the physical science debate. But he is behind the times. The IPCC report is several years old, and the latest theory and empirical data is pointing in more benign directions than at the height of the climate alarm in the late 1990s.…
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