"System change is now inevitable. Either because we do something about it, or because we will be hit by climate change. '...

"We need to develop economic models that are fit for purpose. The current economic frameworks, the ones that dominate our governments, these frameworks... the current economic frameworks, the neoclassical, the market frameworks, can deal with small changes. It can tell you the difference, if a sock company puts up the price of socks, what the demand for socks will be. It cannot tell you about the sorts of system level changes we are talking about here. We would not use an understanding of laminar flow in fluid dynamics to understand turbulent flow. So why is it we are using marginal economics, small incremental change economics, to understand system level changes?"

Friday, May 21, 2010

Off Off Shore

Now that drilling under miles of water is possible, it becomes meaningful to ask what regulations apply in drilling in international waters. Are there any at all?

Those who think "global governance" is the same as "world socialism" which is the same as "soviet tyranny" are especially invited to come up with an idea of how to manage such things.

4 comments:

Orne Batmagoo said...

http://transportation.house.gov/hearings/hearingDetail.aspx?NewsID=801

Arthur said...

The Law of the Sea Treaty is recognized international law. And it has some stipulations regarding "benefit to all nations" or something along those lines that various libertarian types have long complained have stymied active exploration and utilization of international sea-bed minerals. Skeptics suggest there may not be much good stuff out there. Either way, from some perspectives the lack of exploitation so far is a good thing...

Hank Roberts said...

I hate to link to HuffPo, but this history is worth knowing; the Law of the Sea was boosted enormously by a fiction in a CIA cover story:
http://www.huffingtonpost.com/david-helvarg/the-cia-and-the-sea_b_467834.html

Hank Roberts said...

Worth reading -- down in the middle of the document -- according to this the Deepwater Horizon was among the oil rigs registered under a flag of convenience to avoid most of the inspection and regulation by the US, and the US regulation was barely more than keeping lists of things people should do but without any verification or penalty.

http://swampwoman.wordpress.com/2010/05/11/no-wonder-the-rig-explosion-survivors-were-taken-to-that-hotel-in-kenner/