WUH LAX AND THE COSMIC LANTERN
Economists can't have it both ways. On the one hand, they know that competition is imperfect, but, on the other hand, they talk about maximizing value and the need for competition. My point is that the two are incompatible most of the time because people generally do not know what is best for their environment.
Economics is bunk, not history! History is the story of economics and economic theory being bunk. People rarely take into account the needs on anything other than people. The importance of plants and animals in the world environment and economic equation is rarely included adequately because people generally are ignorant or just don't care about plants and animals, or other creatures of the earth.
Economists talk of general equilibrium, but they do not account for the disequilibrium of technology nor the environment. Governments can do away with valuable research programs to break away at the edges of our ignorance on energy creation because there is no real economics to argue for or against such programs, just awareness that they are probably, though not definitely right. Economists rarely take risk and uncertainty into account adequately. They don't know how to forecast technology, which would be the first requirement. They don't understand science which would be the second requirement, and they are hopeless at understanding knowledge creation, which would be the third requirement. Ask yourself whether the long term research programs the world needs are being supported by governments and you will probably get a negative answer.
At the Organization for Economic Cooperation and Development, the OECD, governments have think tanks to discuss appropriate measures for new technology creation and dissemination. Do governments read and understand what is coming down the 'turnpike?' Do they really have any idea how we can reduce CO2 emissions in the next twenty years. Are governments and business prepared to act decisively to ensure a safe distance away from earth's environmental destruction. Is China on board? What do you think is the priority now? What technology issues do you think are important? Extend your coffee break and think more deeply about the real issues that you can detect in a world of confused priorities.