Sunday, August 28, 2005

Volokh Corrections 9 and 10

Todd Zywicki says of the Cindy Sheehan camp-out in Crawford, "My impression is that the overwhelming number of those down there are primarily professional activists rather than grieving family members suggested by the media." A typical false dichotomy - anyone who didn't have a family member die in Iraq is a paid (professional) activist, ignoring what other types of people could be there.

I think one of the Volokhs had said earlier that environmental activists were in it for the money. I don't know where the right wing gets the idea that we're dripping with money - I only wish it were correct.

Meanwhile, the usually-better Jim Lindgren talks about how standard market theory predicts bad results from caps for wholesale gas prices in Hawaii. He fails to consider whether a standard market exists for wholesale gas, just noting without comment that there are 2 refineries and 6 wholesalers, which is nothing like a standard market. Standard monopoly theory, on the other hands, says the wholesalers could be price-gouging retailers, and caps that limit the gouging will not limit the overall gas supply.

Overall, though, this country needs a windfall profits tax, which could fund a decent energy policy without strongly affecting economic incentives (if set at a reasonable level). Yet another way in which Carter reacted much better than Bush to the problems we're facing, and another example of how badly Reagan messed up our country.

key: Volokh correction

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