Would Global Warming Scientists Make a Bet?
- Posted by Jeff Carter
- on August 31st, 2013
Back in the 1960’s, the world was transfixed on population. Paul Ehrlich, a biologist predicted that the world’s population would overrun it’s food supply.
Dire predictions like this make great pop and political theatre. But, they usually don’t come true.
Today, we have the global warming crowd running frenetically wherever they can. All kinds of projections about sea level and sun burn are sending people and politicians into a tizzy.
Probably, global warming theory is bunk.
In the sixties, University of Illinois economist Julian Simon told Ehrlich to put his money where his mouth was. He made a bet. He even let Ehrlich structure the bet. Kind of like proposing something to a casino in Vegas and letting the house set the rules.
Fast forward and Ehrlich’s theories and dire predictions became the stuff of charlatan science.
Simon relied on the free market to innovate, allocate resources, and keep the food supply plentiful in the face of growing world population.
Global warming currently isn’t a problem. If we let the free market work, the world will utilize its resources adequately to provide plenty of energy at reasonable prices while at the same time keeping the environment healthy.
Of course, Obama has appointed John Holdren as the director of science and technology policy. He was in Ehrlich’s camp back in the sixties. That means it is guaranteed that faith in the free market won’t be there. Central planners are generally wrong.
My bet is global warming scientists wouldn’t make a similar bet today. They are too busy lobbying the government for more money to fund meaningless studies.
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Jeffrey Carter is an angel investor and independent trader. He specializes in turning concepts into profits. He co-founded Hyde Park Angels one of the most active angel groups in the United States in April of 2007. He previously served on the Chicago Mercantile Exchange Board of Directors. He has done market commentary for (More...)