While I was away, Arnold picked up on a couple of my posts in the context of a commentary on Krugman’s column last week about the California energy crisis. I think Arnold is absolutely right to say that “most economists would predict that California’s experience is not the shape of things to come. Even among those who believe that companies found it profitable to withhold energy (and by no means do all analysts hold this view), there is a consensus that the California regulatory regime had unique aspects which made it brittle when demand increased.” Arnold’s post has his usual good discussion question, which I will pose to my environmental economics class later this quarter. Thanks!