Energy by fiat—4: The importance of cost

03/03/2014
What something costs is important. It's important in personal decisions about what to buy and what not to buy. It's important in governmental decisions about what policies to adopt and what policies to reject. The importance of cost is relative but irreducible. Cost must be weighed against other factors in decisions about purchases and policies. But the influence of cost cannot be diminished or annulled by wish or decree. Cost always matters. Energy by fiat thrives on the distortion of cost; therefore, energy by fiat consistently fails. Energy by fiat uses mandates and subsidies to propel into the market energy forms otherwise unable to compete. It thus displaces competitive energy with c...
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