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Thursday, March 7, 2013

AEIdeas - America’s shale prosperity creates a Texas ‘shale billionaire’

AEIdeas - America’s shale prosperity creates a Texas ‘shale billionaire’

Here's a billion dollar question. Why are so many people so happy about advancing the premature extinction of the human species?  Whatever the answer, we expect it contains a gruesome perversion that fails to comprehend our exponential decay - we are so blind, and there are no one-eyed Kings to lead. We shoot them. 

What  really dumb economists don't understand is that when you extract from the planet you do not create wealth. Just the opposite - the overall planet's balance sheet deteriorates as extraction is not production. Never was. Fools still however run around thinking they are actually getting richer - when the reality is we all just got a whole lot pooer. That's without even considering the effects on the bio-sphere - that exacerbates the tail-spin accounting of  the real negative sum physical game. 

Economists like Perry push an abstract positive sum game that doesn't exist. So this is not just a question of an economist being really dumb - that's obvious. It is another billion dollar question - are they sane? 

Oh, I guess that's obvious too.

First Financial Insights
March 6, 2013

Keynote Speaker: 2010 Festival of Economics