Amaizeing Logic
3 August 2006
Editor, The Washington Times
Dear Editor:
Senator Richard Lugar writes that "the business case for ethanol has never been stronger" ("We can end oil addiction," August 3). But he then asserts that market forces are moving "far too slowly" in developing ethanol, a fact that he predictably uses to justify government subsidies for this effort.
Lugar specializes in winning elections and in spending other people's money. Investors specialize in spending their own money, or money voluntarily entrusted to them, in search of truly profitable economic opportunities. Which of these - a career politician or private investors - is likely correct about the speed with which resources should be devoted to developing ethanol?
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, The Washington Times
Dear Editor:
Senator Richard Lugar writes that "the business case for ethanol has never been stronger" ("We can end oil addiction," August 3). But he then asserts that market forces are moving "far too slowly" in developing ethanol, a fact that he predictably uses to justify government subsidies for this effort.
Lugar specializes in winning elections and in spending other people's money. Investors specialize in spending their own money, or money voluntarily entrusted to them, in search of truly profitable economic opportunities. Which of these - a career politician or private investors - is likely correct about the speed with which resources should be devoted to developing ethanol?
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Wednesday April 25, 2007 at 5:26pm