We are naive fools to wait for the free market to save us from impending shortages of critical natural resources

“The free market–the invisible hand–will take care of everything.”

I’ve addressed this topic of the free market as alleged panacea several times before.  I’ve referred to this blind faith in the market as unsubstantiated.  I’ve mockingly referred to the common belief in the wisdom of the invisible hand as a belief in the Fouth Person in the Holy Quartet.  Why mock?  Because stark shortages of critically important natural resources loom in every direction.   And yet we’re in denial. You deny the denial?  Then how is it that we tolerate, this year, big U.S. metropolitan areas like Raleigh-Durham and Atlanta had only a few weeks left of their municipal water supplies?  We tolerate that we are drawing down unreplenishable water sources throughout the desert southwest.  Intelligent civilizations don’t deny such dangers.  They consciously deal with their problems.

I’ve just read a well-phrased description of why the modern version of the free market can’t save us from our problems regarding impending shortages of essential natural resources.  The following quote is from a new book available free on-line from Population Connection: PLAN B 3.0: Mobilizing to Save Civilization, by environmental analyist, Lester R. Brown (2008).

Now with the economy as large as it is, the indirect costs of burning coal—the costs of air pollution, acid rain, devastated ecosystems, and climate change—can exceed the direct costs, those of mining the coal and transporting it to the power plant. As a result of neglecting to account for these indirect costs, the market is undervaluing

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NASA’s satellite photos of planet Earth.

Here's a composite photo of the Earth at night, published by NASA: The brightest lights correlate with the densest populations. No political boundary lines are visible, of course.   I once had a framed poster of this sort of image in my office.  One of my co-workers asked: "Did they take that…

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A list of popular fake comments by spammers

Those guys who send out spam by the bucket-load are really busy these days.    In the past month alone they have tried to sneak more than 9,000 of their fake comments onto this site.  These "comments" are attached to links to various sites selling drugs, loans, pornography and you name it. …

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Don’t overlook the explanatory power of path dependency

We do many inefficient things.  Why don’t we simply do those things differently, in a more efficient way?  Often, we don’t change things because we’ve done them a certain way for so long that it would take too much time and psychological effort to do them in new ways, even though the new ways would be easier and more inefficient in the long run.

The QWERTY keyboard is a great example. We could rearrange our keyboards, which would cause us to struggle with our new configurations for a few months or years, but then we’d all be better for the change.  We don’t do this, however.  It would take too much initial effort.

Scientific theories are quite often strained by the discovery of new evidence that doesn’t fit the theory, yet we cling to the old inadequate theories.   This is another tendency toward path dependence.   For example, until the 17th century, “epicycles” were used to explain the perceived retrograde motion of planets and stars.  Epicycles were finally discarded in response to Kepler’s work.   Philosopher of science Thomas Kuhn pointed out that scientific progress does not occur smoothly, but rather in the form of periodic revolutions that that he termed paradigm shifts. The fact that scientists tend to hold onto old unworkable theories longer than they should can be seen as another manifestation of path dependence.

It would make a lot of sense to simplify the spellings of many words used in the English language.  We don’t do …

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Days “chopped into pieces”.

I want to share with everyone a passage from the opening of the movie The Gods Must be Crazy. This silly 1980s movie provides a very oversimplified, idealized image of African Bushmen, but at the same time gets its label of modern westernized man spot-on. This excerpt from the film's…

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