I’m hopeful about this holiday season. Specifically, I hope we learn that the things economists measure best are not what matter most. Thoughtful people will understand that good friendships and the warmth that comes from helping the unfortunate are more satisfying than transitory fruits of wealth. This Christmas season is quite different from those of […]
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Coal is a ubiquitous and relatively inexpensive resource. Montana holds one-third of all U.S. coal deposits, representing about 8 percent of the world’s total. The International Energy Agency reports that between 2000 and 2007, global coal use increased by 4.8 percent. That’s three times the growth of oil consumption and nearly twice the rate of […]
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The Department of Energy estimates year-end domestic oil consumption will fall 5.4 percent. This is the steepest decline since 1980. Only a few months ago, seemingly relentless growth in China and India, combined with tight supplies, and a weak U.S. dollar, pushed oil to nearly $150 a barrel. Now concerns over a global recession have […]
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Where I grew up in the Midwest, cars were keys. Owning one marked maturity and provided a passport to liberty. All of my friends had cars and I had some pickups, my first a 1931 Model A Ford for which I paid $35 drove 100 miles home. Presaging future problems, the first Volkswagen had just […]
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Recently I spent several hours discussing environmental issues with an honors class at MSU. One of the points I emphasized was the importance of thinking beyond slogans. When seeking to craft effective environmental policies, good intentions are simply not enough. I left the class with a handout that included this quote from Mark Twain: “It […]
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Controversy over the location and operation of gravel pits illustrates an exceedingly important, widely neglected, and oft misunderstood principle of economics: clear and enforceable property rights minimize conflict. Their absence or ambiguity fosters all manner of negative feelings and behavior, sometimes even violence. The Indian Wars of the 1800s, Israeli-Palestinian conflicts over settlements, and the […]
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Have you noticed the huge new billboards on U.S. 191, a major gateway to Yellowstone Park? They seem to be sprouting like mushrooms after a spring rain, but the probable cause is different. I suspect this furor anticipates regulatory control on more billboards. It is certainly not due to increased traffic and, hence, more viewers. […]
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Only a few years ago there was substantial talk of a permanent Republican majority. Through the workings of demographic, economic, cultural, and religious forces, the GOP was to become the powerful, controlling institution in Washington, DC and most states. While a few redistributive, “progressive”, secular, archipelagoes would persist in the Northeast and West Coast, America […]
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In response to my recent column, “What Went Wrong,” several people emailed me this question: What’s next? The answer is easy; America will attempt to emulate Europe’s welfare state. Our perceived crisis is inimical to sound policy and provides a good seedbed for political opportunism. First, though, a positive note. America can congratulate itself on […]
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Americans born in the post WWII period quite naturally believe ever increasing wealth is normal⎯for it has been. And most economists assume that due to the complementary forces of technology and productivity, wealth and wellbeing are on a continuously upward trajectory. If we’ll grow ever richer, why sacrifice for wealthier descendents? Perhaps economists are correct […]
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