Day: July 24, 2019

Double Standards: Greens Run Silent on Wind Turbine Bird & Bat & Bug Slaughter

STOP THESE THINGS

The media went nuts when former Greens leader, Bob Brown turned on a wind farm in his backyard. Rampant hypocrisy, was just the first of the charges levelled at a man renowned for his hatred of reliable and affordable electricity.

In the result, the Liberal/National Coalition were very grateful that Dr Bob’s hatred of coal led him and his acolytes on a protest tour of Far North Queensland during the Federal election campaign in May, where Bob and a bunch of sandal wearing troglodytes railed against Adani’s proposed Carmichael mine.

Locals were ready to lynch him and his entourage (pubs refused to serve them beer) and, thanks to Bob’s job and economy wrecking stance, voters took their baseball bats to the heavily green tinged Labor party, returning the Coalition to Federal government.

The party that he founded, the Australian Greens enjoy enormous financial support from renewable energy rent seekers and…

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Reading Charles I. Plosser’s ‘Understanding real business cycles’

Peter Galbács - Intellectual Adventures in Mainstream Economics

Charles Plosser’s review paper entitled ‘Understanding real business cycles‘ is a must for all those interested in the modern theories of the business cycles. A major advantage of the paper that it is written in plain English, it has a well-organized structure and summarizes by giving a clear vision of future development. Some of the most important suggestions of the paper:

  1. Keynesian macro is not a theory judged by the modern choice-theoretic standards. Keynesian models had significant empirical success but failed to trace the macro-level back to solid microfoundations.
  2. The aim of general equilibrium modelling is to help us to understand the role played by optimization and equilibrating tendencies at the agent-level. It makes no sense to postulate a disequilibrium framework or market failures before understanding the contribution of a general macroeconomic equilibrium.  Large-scale fluctuations may be triggered even in the absence of market failures.
  3. RBC-theory has common…

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The Poison of Precaution: The Anti-Science Mindset

The Risk-Monger

In last year’s excellent book, The Wizard and the Prophet, Charles Mann juxtaposed two polemics on the environment in the 1940s during the turning point of agricultural development: Norman Borlaug and William Vogt. Borlaug (the Wizard) took the scientific approach to innovate and develop new tools to solve problems facing agriculture. Vogt (the Prophet and arguably the founder of the modern environmental movement) would see an environmental problem as a reason for man to pull back and let the planet heal itself.

To this day, both approaches (to innovate or to pull back and take precaution) have defined environmental debates. There is no doubt which side I fall on. Borlaug’s scientific route has allowed humanity to thrive over the last 70 years. The Green Revolution in agriculture led to global economic expansions as abundance led to generations of risk-takers being able to leave the land and develop other opportunities…

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