It is time to stop quivering in our boots in pointless fear of the future and just roll up our sleeves and build it.
- Ray Pierrehumbert

Monday, June 16, 2008

Recommended reading

An anonymous positive review of an econ textbook about energy on Grist is worth having a look at.

The reviewed author, Ferdinand Banks, does not feel petroleum geology is beholden to economic theory, but rather observes that it is more useful to look at things the other way round. He does not seem to consider himself to be in the mainstream in so doing.
I also became the object of some "attitude" on the part of other delegates what I made a friendly remark about the work of Dr. M. King Hubbert that dealt with the ultimate availability of petroleum. Among other things, I was sanctimoniously informed that oil reserves are "dynamic," and basically are dependent on human ingenuity (i.e., technology) -- which as all thoughtful persons are supposedly aware, would ultimately come scampering to the rescue in case the energy wolf appears at the door. Finally, I was assured that economics and technology were always the correct aperture through much oil reserves should be scrutinized. Geology was taken to be of minor importance.

2 comments:

Dano said...

Finally, I was assured that economics and technology were always the correct aperture through much oil reserves should be scrutinized. Geology was taken to be of minor importance.

The aperture, of course, being formed from the correct placement and positioning of the two wands of the Free Market Fairy.

IOW: scrunch your eyes closed real hard, and WISH! And in the interim between wish and reality, clap real loud.

Best,

D

David B. Benson said...

Provocative, however one of the comments suggests not taking Banks that seriously...

(Not a defense of neo-classical mathematical economics.)