“Milton Friedman’s timeless energy insights should be appreciated for all time.”

Born on this day 106 years ago, free-market economist Milton Friedman (1912–2006) was one of a kind. Even the dyspeptic Paul Krugman called his rival “the economist’s economist…a very great man indeed—a man of intellectual courage who was one of the most important economic thinkers of all time and possibly the most brilliant communicator of economic ideas to the general public that ever lived.” The Economist (November 23, 2006) called him “the most influential economist of the second half of the twentieth century… and possibly all of it.”

Milton Friedman’s major professional mark was in monetary economics. But as a public intellectual, writing popular books and a biweekly Newsweek column, he became conversant in different fields, including energy.

Friedman understood how, for much of US history, major energy regulation was sponsored by some segment of the industry.…

“We build into our automobiles more power and greater gas consumption than we need. We use the press and radio to push the sales of more cars. We drive them hundreds of millions of miles a year in pursuit of futility.”

“With the exhaustion of our own oil wells in sight … much of our resource capital has been used up, but we still have our yacht, our stable of horses….”

– William Vogt. Road to Survival (New York: William Sloane, 1948), p. 68.

MasterResource documents the historical record behind the grand energy debate from the vantage points of business, economics, political economy, and history. What was said? When? Why? And to what effect?

One aspect of the debate has been the difference between natural market efficiency/conservation versus its political offshoot,  conservationism, defined as the belief that less usage is per se a moral good or economic necessity.…

Last week, I recognized twelve individuals associated with free-market, classical-liberal energy analysis and advocacy. Here is a second “tribute” to those who have labored against the mainstream of Malthusianism and energy statism–and now find themselves with new opportunities to formulate, summarize, and promote pro-consumer, taxpayer-neutral energy policy.

This list is in alphabetical order. It is subjective and hardly exhaustive. Other candidates (such as the present writer) could also be included–and could be in a future iteration.

ROBERT BRYCE is a force for energy realism. His highly readable, well researched books (three on energy, two on energy-related cronyism) are joined by highly effective opinion-page editorials in leading publications, such as the Wall Street Journal. A convert to the free-market beginning with his third book (from a politically correct all-of-the-above energy view), Bryce has  reached progressive audiences with a message that renewable energies are quite imperfect substitutes for dense mineral energies.…

[Editor note: Mark Krebs has been a leading advocate (see here) for free-market decision-making between natural gas and electricity in homes and places of business, challenging the ‘deep decarbonization’ push of energy interventionists to disciminate against fossil fuels at point of use. This is the first of a two-part post.]

“Grid reliability should not eclipse energy reliability; especially during weather emergencies. Yet, much of the discussion looks like more of the same rent-seeking by interests looking for rebuilding damaged electricity infrastructure with inherently unreliable wind and solar generation based ‘microgrids’.”

The House Energy and Commerce Committee is undertaking an in-depth review of the laws and regulations affecting electric energy. Much of that review is through a series of hearing that started last July. The objectives for this series of hearings were officially stated as follows:

Today, the nation’s electricity industry is undergoing a period of transformation due to technological innovation and market competition, creating tremendous benefits to American consumers.