Science Needs Economics
3 May 2007
News Editor, WTOP Radio
Washington, DC
Dear Editor:
In one of your news reports today a scientist, during a brief interview, asserted that "we have the technology to replace the internal-combustion engine with cleaner sources of propulsion, so there's absolutely no reason that people should continue driving conventional cars and trucks."
This scientist confuses technological feasibility with economic viability. The technology exists for me to have my own private jet and a palace in Palm Beach. Given my resources, however, my attempt to acquire such things would be disastrously reckless.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
News Editor, WTOP Radio
Washington, DC
Dear Editor:
In one of your news reports today a scientist, during a brief interview, asserted that "we have the technology to replace the internal-combustion engine with cleaner sources of propulsion, so there's absolutely no reason that people should continue driving conventional cars and trucks."
This scientist confuses technological feasibility with economic viability. The technology exists for me to have my own private jet and a palace in Palm Beach. Given my resources, however, my attempt to acquire such things would be disastrously reckless.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Monday December 24, 2007 at 3:18pm