Category Archives: Economics

Moon Or Mars?

The latest on the issue.

It’s a pointless discussion, because it presumes it’s going to be a government program: Apollo back tot the moon again, or Apollo to Mars. We need to be developing capabilities to go wherever we want, affordably. Then let the people paying for it decide.

Related: Howard Bloom says that NASA needs to get out of the rocket business, and start working on an actual superhighway in space. I’m not sure I want Marshall in charge of that, though. To put it mildly.

A New Little Ice Age

Has it already started?

Earth’s new climate will affect much more than the energy sector. Abdussamatov leaves us with a dire warning.

“The world must start preparing for the new Little Ice Age right now. Politicians and business leaders must make full economic calculations of the impact of the new Little Ice Age on everything — industry, agriculture, living conditions, development. The most reasonable way to fight against the new Little Ice Age is a complex of special steps aimed at support of economic growth and energy-saving production to adapt mankind to the forthcoming period of deep cooling.”

An overheated planet has never been a threat, say climate skeptics, not today, not ever in human history. An underheated planet, in contrast, is a threat humans have repeatedly faced over the last millennium, and now we’re due again.

To me, the evidence is quite a bit more compelling than it is for warming. He’s relying on history and empirical data, not computer models.

Watching Climate Science Bubbles

…from the outside. Thoughts from Scott Adams, with an interesting idea:

…what if the worst-case scenario is really, really likely, as in the case of climate change disaster? In that case, shouldn’t you manage to the worst case? Well, yes, but only if you are sure the risk is as high as you think. And I don’t see any way a non-scientist could be exposed to both sides of the argument and assign a risk to it.

Given the wildly different assessments of climate change risks within the non-scientist community, perhaps we need some sort of insurance/betting market. That would allow the climate science alarmists to buy “insurance” from the climate science skeptics. That way if the climate goes bad at least the alarmists will have extra cash to build their underground homes. And that cash will come out of the pockets of the science-deniers. Sweet!

But if the deniers are right, and they want to be rewarded by the alarmists for their rightness, the insurance/betting market would make that possible.

It would also be fascinating to see where the public put the betting odds for climate science. Would people expose themselves to both sides of the debate before betting?

The smart ones would.

Thiel Versus Sessions

They’re battling over the future of NASA.

Thiel is pushing for a 21st-century space policy. Sessions represents the past, Apolloism, space socialism, and pork. He should stick to being AG.

[Update a few minutes later]

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Not sure what “commercial space trade association” Tim Fernholz thinks that Alan Stern leads.

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Tim pointed out to me that he’s chairman of the board of CSF, which I hadn’t known, or had forgotten. But I pointed out to him that Eric Stallmer is really the person who “leads” it, which he agreed was fair.

More on this topic from Eric Berger.

[Update a while later]

Not exactly space related, but sort of, in the sense that indefinite lifespan will help with opening the universe, an interesting description of what else Thiel is up to.

Obsolete Climate Science

An important essay from Richard Epstein:

The worst way to get a full exchange of views on the complex matter of global warming is to pack the IWG entirely with members from the Obama administration, all surely preselected in part because they share the president’s exaggerated concerns with the problem of global warming. The only way to get a full and accurate picture of the situation is to listen to dissenters on global warming as well as advocates, which was never done. After all, who should listen to a “denier”?

This dismissive attitude is fatal to independent inquiry. No matter how many times the president claims the science is rock-solid, the wealth of recent evidence gives rise to a very different picture that undercuts the inordinate pessimism about climate change that was in vogue about 10 years ago. The group convened in the Obama administration never examined, let alone refuted, the accumulation of evidence on the other side. Indeed, virtually all of its reports are remarkable for the refusal to address any of the data at all. Instead, the common theme is to refer to models developed by others as the solid foundation for the group’s own work, without questioning a word of what those models say.

The second major mistake in the government studies is the way in which they frame the social costs of carbon. As all champions of cost/benefit analysis understand, it is a mistake to look at costs in isolation from benefits, or benefits apart from costs. Yet that appears to be the approach taken in these reports. In dealing with various objections to its reports, the IWG noted in its July 2015 response that “some commenters felt that the SCC estimates should include the value to society of the goods and services whose production is associated with CO2 emissions.” Their evasive response has to be quoted in full to be believed: “Rigorous evaluation of benefits and costs is a core tenet of the rulemaking process. The IWG agrees that these are important issues that may be relevant to assessing the impacts of policies that reduce CO2 emissions. However, these issues are not relevant to the SCC itself. The SCC is an estimate of the net economic damages resulting from CO2 emissions, and therefore is used to estimate the benefit of reducing those emissions.”

In essence, the benefits from present or future CO2 emissions are not part of the story. Yet a truly neutral account of the problem must be prepared to come to the conclusion that increased levels of CO2 emissions could be, as the Carbon Dioxide Coalition has argued, a net benefit to society when a more comprehensive investigation is made. The entire process of expanding EPA regulations and other Obama administration actions feeds off this incorrect base assumption. The most striking admission of the folly of the entire EPA project comes from EPA Chief Gina McCarthy, who has stated that she would regard a decrease of one one-hundredth of a degree as enormously beneficial, notwithstanding its major cost, because its symbolism would “trigger global action.” No cost/benefit analysis would justify wasted expenditures solely on symbolic grounds. After all, human progress on global warming will only suffer if other nations follow our false siren on CO2 emissions, while ignoring the huge pollution that envelops major population centers like Delhi and Beijing.

It’s both junk science, and junk economics.

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A podcast with Judith Curry.

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Bob Zimmerman has thoughts on the upcoming squealing of the climate pigs.