Lynne Kiesling As Megan McArdle noted on Wednesday, fracking in the US is causing dissension within OPEC; couldn’t happen to a nicer bunch of cartel members. Megan’s analysis is dead on, well worth reading, and reveals how different the ideal strategies are of the different OPEC members. At some level, this is not new — … More Us Shale Deposits Changing Global Oil Landscape
Lynne Kiesling As a follow-up to my previous post about cutting down trees for biofuels, here’s some interesting news about the unintended consequences and perverse incentives embedded in regulations to promote the use of biomass as fuel: a BBC investigation reveals trees cut from swamp forests in the US being used to fuel electricity generation … More More on the Purported Environmental Benefit of Cutting Down Trees
Lynne Kiesling You may know John Stuart Mill the utilitarian philosopher, the JS Mill of On Liberty and of Utilitarianism. You may know him as the philosopher who can’t hold his shandy in the Monty Python philosopher’s song. What you may not know is how important an economist Mill was. He made some original contributions … More History of Economic Thought Course Video: John Stuart Mill
Lynne Kiesling Cutting down trees to generate biofuels to substitute for fossil fuels can’t make sense in terms of carbon accounting, can it? I never thought so, but apparently some people have contended that it does. This Project Syndicate essay from Bjorn Lomborg addresses the question, and I think it’s worthy of consideration not just … More Cutting Down Trees for Biofuels?
Michael Giberson What do changes in the domestic U.S. natural gas market have to tell us about the world oil market? Hirsch, Bezdek, and Wendling wrote, “The North American natural gas situation provides some useful lessons relevant to the peaking of conventional world oil production.” Here is their assessment of the North American natural gas … More “The U.S. Current Natural Gas Situation”
Lynne Kiesling Some Friday fun listening from Nashville-based Radar vs. Wolf, a video from their debut album! Radar vs. Wolf singer/songwriter James Bratton recently wrote a post on Bleeding Heart Libertarians articulating his particular take on political philosophy, and it’s a take I find congenial. Especially this part: Why would I give them the legal … More Friday Music Fun: Radar Vs. Wolf
Lynne Kiesling David Ricardo: Principles of Political Economy & Taxation from Lynne Kiesling on Vimeo. You may know David Ricardo for his pioneering analysis of comparative advantage as the foundation of mutually beneficial specialization and trade. Ricardo’s work goes farther and deeper than that, exploring (among other things) the determinants of rent accruing to fixed … More Course Video 3: David Ricardo on Rent and on Trade
Lynne Kiesling Here’s the second video for my history of economic thought course: a synopsis of Adam Smith’s Inquiry Concerning the Nature and Causes of the Wealth of Nations. The video gives an overview of the entire work (except for Book III, his stage theory of history), and I hope it entices you to read … More Course Video 2: Adam Smith’s Wealth of Nations
Michael Giberson While digging through the KP archives looking for another old story, I can across a 10-year old post titled “How cool is this?” (Let me warn you now that there isn’t much more to this 2013 post other than to observe that not every cool-sounding technology in 2002 turned out to work. You … More How Cool Was That? Not That Cool, It Turns Out.
Lynne Kiesling For the past few months I’ve been working with some talented and creative folks at Northwestern University Academic Technologies to produce some videos for use in my History of Economic Thought course. Over the next few weeks I’ll be releasing them here, and they will be available on my Vimeo page. Please distribute … More Course Video 1: Smith’s Theory of Moral Sentiments