Category Archives: Economics

Fossil Fuels

Matt Ridley on how they’ll save the world.
The conclusion:

The one thing that will not work is the one thing that the environmental movement insists upon: subsidizing wealthy crony capitalists to build low-density, low-output, capital-intensive, land-hungry renewable energy schemes, while telling the poor to give up the dream of getting richer through fossil fuels.

(Yes, behind paywall, but google the headline and you should be able to read it.)

[Update a while later]

I’m very sorry to hear about Piers Sellers’ illness, and hope for the best, but this NYT op-ed seems to me to be delusional:

All this as the world’s population is expected to crest at around 9.5 billion by 2050 from the current seven billion. Pope Francis and a think tank of retired military officers have drawn roughly the same conclusion from computer model predictions: The worst impacts will be felt by the world’s poorest, who are already under immense stress and have meager resources to help them adapt to the changes. They will see themselves as innocent victims of the developed world’s excesses. Looking back, the causes of the 1789 French Revolution are not a mystery to historians; looking forward, the pressure cooker for increased radicalism, of all flavors, and conflict could get hotter along with the global temperature.

Last year may also be seen in hindsight as the year of the Death of Denial. Globally speaking, most policy makers now trust the scientific evidence and predictions, even as they grapple with ways to respond to the problem. And most Americans — 70 percent, according to a recent Monmouth University poll — believe that the climate is changing. So perhaps now we can move on to the really hard part of this whole business.

I hope that will change next January. As Ridley points out (as does Alex Epstein), it is the poor who would be hit the hardest byaabandoning fossil fuels (particularly with plunging prices), much more so than by “climate change.”

New Nukes

A Canadian company has gotten funding to move forward on a molten-salt reactor. I think a lot of sensible people are realizing that if carbon really is a problem, nuclear is the solution, despite the insanity of people like Naomi Oreskes.

But my question is: Would this be a useful tech for space, either for electric power generation or propulsion? The company could do a spin off called Extraterrestrial Energy.

The SLS Mess

A recognition by NASA that the vehicle has no missions. Too bad Congress doesn’t understand that.

This is what happens when you come up with Design Reference Missions to match a design, instead of the right way around.

[Update Wednesday morning]

More from Loren Grush over at The Verge:

But the SLS is expensive, and NASA’s budget is at the lowest it has been in decades, even with the new budget allotment of $19.3 billion for the 2016 fiscal year. The cost of developing the SLS through 2017 is expected to total $18 billion. And once the rocket is built, each launch is going to cost somewhere between $500 and $700 million, which makes it unlikely that the rocket will carry astronauts more than once a year.

If they’re only flying once a year, there’s no way the launch cost is that low. It’s at least two billion. I don’t know where that $500-$700M number comes from, but it’s probably marginal cost, which is a meaningless number for a vehicle with such a low flight rate.

[Bumped]

“Expert Climate Economists”

Are apparently morons:

When asked at what date climate change will have a net negative impact on the global economy, the median survey response was 2025. In the recent past, climate change likely had a net positive impact on the global economy, due primarily to the effect of carbon fertilization on crops and other plant life. However, even contrarian economists agree, when accounting for the vulnerability of poorer countries to climate impacts, global warming has been hurting the global economy since about 1980.

The NYU survey asked when the economic benefits we experienced up to 1980 would be completely wiped out; 41% of respondents said that’s already happened. Another 25% answered that it would happen within a decade, and 26% said we’d see net negative economic impacts by 2050. If we continue with business-as-usual pollution and warming, on average the experts predicted a GDP loss of about 10% by the end of the century, and that there would be a 20% chance of a “catastrophic” loss of one-quarter of global GDP.

There is no scientific evidence to believe any of this.