Hadrian, the third of the “five good emperors” of Rome, ruled from 117 to 138 in a time of consolidation of the Roman Empire.  Best known for building Hadrian’s Wall, which marked the northern most reach of the Roman Empire, his policy focus was securing the Empire by leveraging its strengths rather than overextending its reach. Hadrian had a disciplined attention to detail and focused on the infrastructure needed not only to defend the Empire’s territory but leverage its resource potential and revenue growth. 

Today’s economy is marked by uncertainty and volatility at home and abroad. This uncertainty is causing businesses to hoard cash—at last estimate about $1.4 trillion worth.

We have a huge federal deficit, a broken housing situation, and looming costs for unsustainable entitlement programs promised for generations by spend-now, pay-later politicians. …

I try not to play favorites between Republicans and Democrats when it comes to supporting or undermining the ideal of what Ludwig von Mises called the free and prosperous commonwealth. To this end, I have criticized Gov. Perry for his unfortunate windpower positions in Texas (see here and here), and I will do so again to the extent he buys into a government role in “green energy.”

Dessler Weighs In

A current spat is ongoing between Texas A&M climatologist Andrew Dessler and Perry, a front-runner for the Republican nomination for president of the United States, over global warming science and policy.

Dr. Dessler has written two opinion-page editorials published by the Houston Chronicle in recent months (July 10th and September 2nd) arguing that the science is settled in favor of climate alarm, meriting proactive public policy.…

“What will we do when the wind turbines die? Will there be a ‘deconstruction tax’ placed on fossil fuels, oil, gas, and coal taking the blame for driving wind turbines into retirement?”

Former Governor of Vermont, Jim Douglas, says that wind turbines are the “wrong choice” for the famous ridgelines and natural beauty. Annette Smith, Executive Director of Vermonters for a Clean Environment (read her op-ed below), says “it’s not too late,” to examine the facets of building mammoth turbines in one of the most beautiful natural areas of America.

These new, important voices indicate that politically correct wind energy is creating a backlash in Vermont, as elsewhere.

Lifecycle Analysis

What is actually involved in the construction of huge turbines is often not thought of, unless, as Ms. Smith suggests, you are forced by proximity and imminence to consider the “engagement.”…

[Editor Note: This five-part series by Mr. Epstein, originally published in The Objective Standard, revisits the Standard Oil Trust controversy on this the 100th anniversary of the breakup of the Trust. Part I reviewed the flawed textbook interpretation of Rockefeller’s accomplishment; Part II sketched the rise of Standard Oil and defended the free-market practice of rebating.

The 1870s was a decade of gigantic growth for the Standard Oil Company. In 1870, it was refining fifteen hundred barrels per day—a huge amount for the time. By January 1871, it had achieved a 10 percent market share, making it the largest player in the industry. By 1873, it had one-third of the market share, was refining ten thousand barrels a day and had acquired twenty-one of the twenty-six other firms in Cleveland.…