Death Valley, California, is known as “the hottest place on earth.” But, if you hear the news that the “Hottest Place on Earth Has Record-Breaking Hot June”—when “temperatures exceeded average June temperatures by about 6 °F”—it might be easy to ascribe the heat to alarmist claims of climate change. While Southern California was experiencing power outages due to a heat wave, Death Valley hit 126 °F—though the previous June high was 129 °F on June 30, 2013, and Death Valley holds the highest officially recorded temperature on the planet: 134 °F on July 10, 1913.
In today’s edition of the Heartland Daily Podcast, Heartland Science Director Jay Lehr joins host H. Sterling Burnett to talk about the abundant supply of oil and gas that exists due to fracking and in the future, Shale rock development and methane hydrates.
Eighty years go, on February 4, 1936, one of the most influential books of the last one hundred years was published, British economist, John Maynard Keynes’s The General Theory of Employment, Interest and Money. With it was born what has become known as Keynesian Economics.
Some on the political right are floating a new “supply-side” idea for reducing carbon dioxide emissions without creating more market distortions: clean tax cuts. Proponents of the cuts want to reduce or end all taxes on investments in technologies that reduce greenhouse gas emissions.
A little more than a year ago, oil prices were above $100 a barrel. The national average for gasoline was in the $3.50 range. In late spring, oil was $60ish and the national average for gas was around $2.70. The price of a barrel of oil has plunged to $40 and below—yet, prices at the pump are just slightly less than they were when oil was almost double what it is today.
Everyone who owns a car, truck, tractor, quad bike, bobcat, forklift or other mobile machine is hoping that the fortune being wasted on green energy may produce just one real benefit – better batteries. We want batteries that are cheap, light weight, charge quickly with no losses, last forever and store a large quantity of energy. Nothing close is on the market yet.
Financial markets in the United States and around the world are all waiting with “bated breath” for when the Federal Reserve modifies its “easy money” policy and starts to raise interest rates. No one, however, asks a simple question: Why is the American central bank in the interest rate setting business?
Old fallacies never seem to die, they just fad away to reemerge once again later on. One such fallacy is that if there is significant unemployment and slow economic growth it must be due to not enough consumers’ spending in the economy, what Keynesian economists call a “failure of aggregate demand.”
You may not have noticed it when out buying things in the marketplace in the context of your personal budget, but according to the Wall Street Journal (April 24, 2015) the world is awash with too much stuff. We seemingly have too much of, well, almost everything: too many raw material commodities, too much capital, and too much labor. The world, claims the Journal, is suffering from global gluts.
In today’s edition of The Heartland Daily Podcast, Research Fellow Isaac Orr talks with Dave Quast. Quast is the California Director of Energy In Depth. Quast and Orr discuss the a range of issues pertaining to California’s water supply.
The headline line in the Sunday St. Louis Post-Dispatch asked “Are St. Louis Area’s Home Prices too Low?” This is could not possibly have appeared describing any major metropolitan area of Australia, New Zealand, or the United Kingdom. Nor will newspapers in Vancouver, Toronto, Calgary, Portland, Seattle, Boston, New York or in any of the overpriced markets of California decry low prices any time soon.
What is far and away the most important global trade commodity? Food. People have to eat. Before the world’s peoples can afford to purchase from us an iPhone, or a Ford pickup truck – they have to buy (hopefully our) food.
Changing our country and its laws back to a manageable and sane state is more complicated than the average small-government advocate may think. One cannot simply look at the situation in black and white, right and wrong mindset. A longer term strategy must be established.
Today, more than any time, arguably, since the Great Depression, the prospects for improved housing outcomes are dimming for both the American middle and working classes. Not only is ownership dropping to twenty-year lows, there is a growing gap between the amount of new housing being built and the growth of demand.
TweetOngoing effective economic experiments among the 50 states are sharpening, and definitive results will pour out in the real world, editorial and opinion fallacies to the contrary notwithstanding. That sharpening[…]