The Market Is Snake Oil
The classic conservative approach to most social ills is 'let the market sort it out.' This reckless invocation of the market is a severe abuse of a sometimes useful tool that obfuscates critical discussions of policy. An excellent example of improper use of the market is our current approach to energy policy. Sure it's true that as oil becomes scarcer the price will rise, and that there will be periodic spikes in the price. But by the time the market really starts signaling that it is time to start looking for other energy options it will be too late.
To seriously address the transformation of our entire economy and infrastructure from an oil-sucking monstrosity to a world leader in conservation, renewable energy production, and efficiency will take not just significant investment, but far-sighted planning and sponsorship of high-risk blue-sky research. Markets have not shown much of an ability to generate either of these types of activity. Markets also have a horrible track record of passing over high-quality science and engineering in favor of slickly-marketed inferior products.
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