Energy policy: an economist's confessions

Journal Article · Tue Jan 01 04:00:00 EST 1980 · Energy J.; (United States)

DOI:https://doi.org/10.5547/ISSN0195-6574-EJ-Vol1-No1-3· OSTI ID:5352370

Schlesinger, J R

Dr. Schlesinger, former Secretary of Energy, feels that energy policy will determine how the industrial economies perform and whether the western political institutions survive. He says that energy policy does not, however, respond to traditional economic analysis in that there is no economic theory to adequately cover depleting resources. Economists gain strength by approaching energy problems in the context of supply and the price mechanism, with attention to arithmetic rather than emotion. Dr. Schlesinger believes, however, that there are weaknesses in the economists' view in the curative powers granted to the marketplace, which are better at making small adjustments over a long period of time than large adjustments in a short time. He notes that tendency to use inappropriate syllogisms obscures the problem of a rapidly diminishing lead time to solving the energy problem. He observes that total reliance on the marketplace will have to give way to government subsidies to research, develop, and commercialize fuels. (DCK)

• OSTI ID: 5352370
• Journal Information: Energy J.; (United States), Journal Name: Energy J.; (United States) Vol. 1:1; ISSN ENJOD
• Country of Publication: United States
• Language: English

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