There are no cheaper substitutes for coal, oil, and gas

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Joe Leote

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Mar 24, 2024, 12:58:28 PMMar 24

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Why we can't stop oil (economic analysis?):

The main idea in economic theory (which is sometimes more accurate than the predictions of doom) is that scarcity causes economic innovation which eliminates said scarcity. In terms of global climate change and scarce fossil fuel sources the innovation would have to reduce greenhouse gas emissions in the global supply chain and create alternative sources of power. Modern power systems and transporation systems are no longer small regional projects developing in isolation (small regional railroads or canal systems, etc) the interconnectivity of these networks make them inherently problems for science, engineering, and politics. Old school microeconomic analysis tends to ignore politics and the need for subsidies to innovators. In any event it is practically worthless in the modern context of solving global network problems in a large scale society.