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It is mainly during the last 300 years that sustained economic gains to certain people have occurred. For the most part these people were living in industrializing Western-style, market-based economies. From the longer-term historical perspective of human existence over 50,000 years this sustained, broad-based economic progress has been a relatively short-lived aberration. (1408) [...] This is a guest post by modest, Sydney-based journalist Sir Henry Casingbroke. Sir Henry previously contributed this related post. I am surprised how little discussion there has been about one of the most obvious and painless ways of doing something practical about emissions of CO2 into atmosphere. The main problem lies with electricity generated by [...] This provocative post by Gary Becker argues that the low taxes on US petrol completely internalise the external costs of petrol consumption in terms of the global warming and foreign oil dependence externalities imposed on the US. On this basis, Australian excises on petrol – much higher than US excises – would seem to be on [...] I always try to emphasise to economics students the importance of (a) cross price elasticity effects on demands and (b) the supply effects of price changes. These issues are particularly important for assessing the effects of recent surging primary energy prices which are having impacts throughout the economies of both developed and newly-emerging countries. Liquid [...] |
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