The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. – F.A. Hayek
Posted in Ultimate Resource on Feb 17th, 2010
In Progress and Poverty, Henry George wrote:
Here is a difference between the animal and the man. Both the jay-hawk and the man eat chickens, but the more jay-hawks the fewer chickens, while the more men the more chickens. Both the seal and the man eat salmon, but when a seal takes a salmon there is [...]
Posted in Ultimate Resource on Feb 12th, 2010
While many celebrate the life of Abraham Lincoln today, I celebrate the wonderful life of Julian Simon – the economist I have learned the most from, and the one I never heard a thing about in my 4 years as an undergraduate or 5 years as a graduate economic student.
Here is an excerpt from his [...]
Posted in Resources, Ultimate Resource, incentives on Sep 2nd, 2009
Maybe it’s not a marble-sized balloon after all? BP finds another new oil source.
A 20%-30% recovery rate, which would be typical for this kind of field, would imply recoverable reserves of 600 million to 900 million barrels of oil equivalent, said Mr. Hutton.
…
The Tiber well, 250 miles southeast of Houston, Texas, is in 1,259 meters [...]
Posted in Ultimate Resource on Apr 4th, 2008
That was in the gift shop. A little earlier I finished reading the following placquard:
“The slash-and-burn agricultural practice of these early ____ meant they had to move their villages every 15 to 25 years to find fresh sources of fertile soil, firewood, and game. This has made it difficult to arrive ata definite sequence for [...]
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