Wednesday, May 30, 2012
A great article
From what I've seen, very few economists take the view of peak oil seriously, or at least don't count it into their projections of what the economy will do and what it will look like soon. Except this guy. It's a fascinating article, with a slightly different view of why job growth and such has been so sluggish, and it's well worth a read. What he says about oil is true--it's not that we're really going to run out, it's that it will [fairly] quickly become too expensive. I think that we've been making it artificially cheap for a long time now, and it really hasn't done us any favors. It's long past time to remove government support for a dying industry and change over to newer, better ones. I realize there are problems with solar (like the efficiency factor) and wind and all of that, but if we actually put as much money behind these industries as we do into the oil and coal industries they'd quickly solve some of the bigger problems.