James Hamilton: It is sometimes argued that if economists really understand something, they should be able to predict what will happen next. But oil prices are an interesting example (stock prices are another) of an economic variable which, if our theory is correct, we should be completely unable to predict.
Suppy and demand isn’t just a theory, it’s the law. Demand drops (EIA): Price drops (AAA): (I find that consumption graph from EIA incredibly compelling.)
Global food prices continue to fall, according to the Economist, down 6 percent over the last month and now sitting 8 percent lower than a year ago. I assume this is good news for the hungry, who can afford more to eat. But what effect does it have on food producers in the world’s poor …
A couple of weeks ago, I wrote a short piece for the newspaper about a talk by David Rutledge on his analysis of the peak oil-climate linkage: Humanity may be rapidly running out of fossil fuels, according to Dave Rutledge, but every cloud has its silver lining. In this case, the California Institute of Technology …
Don Hancock, the watchdog: Hancock is famously ascetic, receiving a salary of $9,000 a year for his work. He is a religious man, the son of a minister, and is active in the University Heights United Methodist Church, which is within walking distance of the modest university district apartment where he lives. “We’re all children …
No doubt conservatives are rejoicing at the NYTimes’ discovery of a way to silence Paul Krugman.
I’m obviously no Malcolm Gladwell, but I’m a journalist too, and this very much captures how I feel about what I do: “I spend my time talking to people who tell me things, and then I write them down,” he says. “I’m necessarily parasitic in a way.” He pauses, as if to consider whether he’s …
Drought does not only mean thirst and failed crops. In Kyrgyzstan it also means blackouts: The question of whether the country will be able to avoid major heat and electricity outages has become more pressing than ever. Due to the especially dry weather since the summer of 2007 the level of water in Toktogul reservoir, …
Via Rich Sweeney, and interesting project to test adding solar energy to existing fossil fuel plants: Both projects involve adding steam generated by a solar thermal field to a conventional fossil fuel-powered steam cycle, either to offset some of the coal or natural gas required to generate electric power or to boost overall plant power …
David Satterthwaite argues that the oft-repeated claim that cities generate three quarters of the world’s greenhouse gas emissions is just plain wrong. Writing in the current issue of the journal Environment and Urbanization, he charts what sounds a lot like one of those oft-repeated urban legends: Perhaps this was an estimate for the United States, …
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