Tuesday, May 02, 2006


As always...

Becker and Posner give some useful insights into the "non-issue" of the increase in gasoline prices. As always, a good read.

Find it here.

From Posner's section:

"However, I am unenthusiastic about creating incentives for producing more oil, because of my concern about global warming. (See my book Catastrophe: Risk and Response [Oxford University Press, 2004].) Stiff taxes will put pressure on the energy industry to achieve technological breakthroughs (such as sequestration of carbon dioxide) that will greatly reduce the use of fossil fuels.

Unfortunately, a population ignorant of economics and suspicious of the Administration's motives probably cannot be brought to understand the social benefits of high gasoline prices and heavy gasoline taxes."

WTF? Are there social benefits to high gas prices and high gas taxes? The burden of proof is on him to show that the taxes pay for themselves by avoiding global warming problems. I was very disappointed to read this.
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