Arnold Kling mentions the success today of the new GBP5 congestion charge for driiving into London. Arnold also has a good discussion question: Why do economists like tolls so much? I plan on asking my Environmental Economics class that very question tomorrow afternoon (we are discussing tradeable emissions permits). Other links on the London congestion … More London’s Congestion Charge
French President Jacques Chirac mouthing off with defensive and not-so-thinly veiled threats to would-be EU members, according to this AP story (courtesy of Glenn Reynolds. Some selections: BRUSSELS, Belgium – French President Jacques Chirac launched a withering attack Monday on eastern European nations who signed letters backing the U.S. position on Iraq, warning it could … More How Arrogant and Condescending is This?
Regarding the 1967 oil embargo, Yergin then goes on to say By July 1967, a mere month after the Six-Day War, it was clear that the “Arab oil weapon” and the “selective embargo” were a failure; supplies were being redistributed to where they were needed. … the formal emergency machinery for joint operations and antitrust … More The Revenue Effect of Oil Embargoes
THIS IS INTERESTING … In my more-thorough-than-first-reading revisit of Daniel Yergin’s The Prize: The Epic Quest for Oil, Money and Power, I have come upon this interesting paragraph describing the attempts of the U.S. government to coordinate oil supplies among Western countries in the face of the 1967 embargo (which was a consequence of the … More An Interesting Quote From The Prize … More An Interesting Quote From The Prize
More on “is it about the oil?” at Instapundit, from Dave Winer, and from a reader who points our attention to the DOE’s Energy Information Administration’s Country Analysis Brief on Iraq. The EIA CABs are extremely useful and reasonably up-to-date; note that this one was last updated in October 2002. Note also that it gives … More Is It About The Oil? … More Is It About The Oil?
This Brad DeLong post on reading the classics of economic thought is wonderful. Brad uses a Machiavelli letter to illustrate an important point — reading the classics in a body of thought give depth and nuance to your understanding of the current state and practice of methodology. I teach history of economic thought, and I … More Delong On Reading The History Of Economic Thought … More Delong On Reading The History Of Economic Thought
On Tuesday in the Houston Chronicle, Michael Economides addressed the question of the US taking control of Iraqi oil fields in a post-Saddam scenario. He argues that according to existing international law, such an act would be a war crime. Some aspects of such an act would also contradict the Administration’s stated position (via Colin … More More On Iraqi Oil … More More On Iraqi Oil
Yes, it’s 6:45 here in Chicago and I’m wide awake. I can thank the Lumpen ProletariCAT for that one. Good thing she’s cute, she’s such a pest. … More What A Pest
The comments section of Megan McArdle’s post “Whither Iraqi Oil?, which I mentioned yesterday, has had an interesting conversation going on. One of the commenters, Patrick Sullivan, made a crucially important point about both the role of transportation costs and the role of trade in creating prosperity (regardless of whether or not you have lots … More Transportation Costs and Trade
I am trying to stay at arm’s length from advocacy for or against going into Iraq (for many reasons, including the deep philosophical conflicts that Will Wilkinson articulated beautifully in this post). I do, though, keep up with goings-on in oil and natural gas industries, so I have a pretty good idea of who has … More Coincidence? … More Coincidence?