"Firstly - and this is important - there is no energy shortage. There are sufficient energy resources to meet global needs far into the future. "Secondly, a time frame of 30 years is entirely too long to permit rapid responses to the developments we will see on the energy markets going forward as more and more developing nations seek to meet their increasing energy demands. "The challenge then is essentially one of assuring adequate investment in new energy resources - in alternative energy sources as well, of course, but fossil fuels will remain the main source of energy far into the future. "Both these aims are best achieved by allowing the markets to function without interference from cumbersome bureaucratic regulation - which is naturally less efficient and less able to respond dynamically to rapidly evolving market conditions."
"Secondly, a time frame of 30 years is entirely too long to permit rapid responses to the developments we will see on the energy markets going forward as more and more developing nations seek to meet their increasing energy demands.
"The challenge then is essentially one of assuring adequate investment in new energy resources - in alternative energy sources as well, of course, but fossil fuels will remain the main source of energy far into the future.
"Both these aims are best achieved by allowing the markets to function without interference from cumbersome bureaucratic regulation - which is naturally less efficient and less able to respond dynamically to rapidly evolving market conditions."
How am I doing so far? ;-) The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Those fools want to cut me off at $3M a year base salary and clawbacks on my performance bonus. The nerve! The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Wanna be on my Board of Directors? The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Answer: no subsidiary questions, thank you.
"As I indicated before, there are sufficient resources for the next 30 years and beyond. What we cannot predict is whether we will be able to unlock these resources and bring them to market in a timely fashion so as to enable us to satisfy rapidly evolving demand trends within the context of an increasingly dynamic global economy. "Unlocking and delivering these resources will demand significant investments. Left to itself, the market will undertake these investments - but not if it is hindered by overly onerous environmental and other regulatory burdens. "No company is more committed to environmental quality than we are, but excessive regulation is the surest way to choke off economic growth and recovery before it begins."
"Unlocking and delivering these resources will demand significant investments. Left to itself, the market will undertake these investments - but not if it is hindered by overly onerous environmental and other regulatory burdens.
"No company is more committed to environmental quality than we are, but excessive regulation is the surest way to choke off economic growth and recovery before it begins."
Sub-subsidiary: "You seem to miss the point. If efficient allocation of resources depends on "satisfying rapidly evolving demand trends", on what basis can you make long-term forecasts of resource availability?"
"Well, the fact of the matter is that those resources are out there in the ground. The question is how best to extract them so that we can create jobs and prosperity. "The fact is that centralized planning has been conclusively proved much less effective in anticipating and allocating resources than the market. It is not humanly possible to anticipate every possible fluctuation in demand - and fluctuations there will inevitably be as a consequence of our dynamic and vital global economy - but the workings of the market represent the best possible mechanism for resolving these with maximum efficiency within the shortest possible time. "I realize that a quasi-ideology of total regulation has become rather fashionable. I'm sure this type of 'pure theory' is not without its charms in certain intellectual circles, but the fact is that heavy-handed government intervention will handicap market efficiency extremely severely. In practical terms, any policy maker who goes down that road is irresponsibly putting the jobs, well-being and livelihoods of his citizens at great risk."
"The fact is that centralized planning has been conclusively proved much less effective in anticipating and allocating resources than the market. It is not humanly possible to anticipate every possible fluctuation in demand - and fluctuations there will inevitably be as a consequence of our dynamic and vital global economy - but the workings of the market represent the best possible mechanism for resolving these with maximum efficiency within the shortest possible time.
"I realize that a quasi-ideology of total regulation has become rather fashionable. I'm sure this type of 'pure theory' is not without its charms in certain intellectual circles, but the fact is that heavy-handed government intervention will handicap market efficiency extremely severely. In practical terms, any policy maker who goes down that road is irresponsibly putting the jobs, well-being and livelihoods of his citizens at great risk."
I think I'm gonna demand a private jet as well. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Seriously, often enough have to translate marketing bullshit, and I find it flows best at this time of day, when my cynicism is at its max and my willingness to suspend belief and take this crap seriously is running on fumes. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
