The same will be true with oil. As prices rise, there will be more incentives to create a substitute. The beauty of all of it is that we never know where the innovation will come from — or lead us. We will not need to “plan” this innovation. Someone who wants to make a profit will research — or employ others to research — new technologies.
Year: 2008
The Trillion Dollar Band-Aid
Likewise, it is negligent to focus on inefficiently cutting CO2 now because of costs in the distant future that in reality will not be avoided. It stops us from focusing on long-term strategies like investment in energy research and development that would actually solve climate change, and at a much lower cost.
Ignorance About Climate
The philosopher Goethe said “There is nothing more frightening than ignorance in action.” And ignorance is what is being demonstrated by all the political leaders as each rolls out his or her plan to counter a supposed “climate crisis” due to “global warming”. None of them knows what he or she is talking about.
2008 Winning Hayek Essay Contest Entry
Frontier Senior Policy Analyst David Seymour, winner of the Hayek Essay Contest.
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The New Road to Serfdom
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