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May 24, 2023
The ESG Perversion of Shareholder Resolutions
Back in the old days — oh, before, say, 2021 — the annual general meetings of company shareholders were boring. Questions asked of management more or less uniformly oriented toward the financial condition of the firm and the variables affecting the values of the shareholders’ stakes. How is the firm dealing with exchange rate risk? Are any…
April 26, 2023
Letter: Electric Vehicles Won’t Save the Climate
Note: This letter to the editor appeared in the Wall Street Journal on April 24, 2023, in response to the Journal’s April 19, 2023, op-ed titled “Biden and Media Are EV Grifters.” Electric vehicles are preposterous, in particular as climate policy (“Biden and Media Are EV Grifters” by Holman Jenkins, Jr., Business World, April 19). The…
April 26, 2023
What Does “Scientific Progress” Mean, Anyway?
Last year, Congress passed the CHIPS and Science Act, which, besides shoring up the American semiconductor industry, also significantly increased federal spending on scientific research. Both the Department of Energy and the National Science Foundation came away with substantial boosts. The “and Science” part of the bill comes from the Endless Frontier Act, a bipartisan proposal from early…
April 21, 2023
Earth Day 2023: Utterly Bereft of Ideas
Earth Day falls on April 22 — Lenin’s birthday, appropriately enough — so let us first recall the blessed memory of the official theme for Earth Day 2022: “Invest In Our PlanetTM.” “This is the moment to change it all — the business climate, the political climate, and how we take action on climate. It’s going…
April 17, 2023
OPEC Remains an Obstacle for Biden’s Green-Energy Fantasy
Can it surprise anyone that the multiple Biden–administration gambits intended to save the planet are proving perverse in every possible dimension? This is the case in particular for the fossil-fuel industry, both in the U.S. and internationally: In a nutshell, the administration seeks a long-term decline in investment and production on deeply dubious “climate” grounds, while at the same time begging foreign producers to increase output so as…
April 10, 2023
The EPA Regulatory Reconsideration of Fine Particulates
I betray no secret when I report that much regulatory policy has been deeply politicized, and that is a vast understatement when it comes to many EPA actions under the Clean Air Act. Consider the regulation — the promulgation of a new National Ambient Air Quality Standard — of fine particulate matter (“PM2.5”), which, under…
March 28, 2023
The Energy Transition Is a Delusion Indeed
The “energy transition” continues to receive thunderous applause from all the usual Beltway suspects, an exercise in groupthink fantasy amazing to behold. For those with actual lives to live and thus uninterested in silliness: The “energy transition” is a massive shift, wholly artificial and politicized, from conventional energy inexpensive (Table 1b and here), reliable, and very clean given the proper policy environment,…
March 28, 2023
Don’t Ban Oil Exports to China
Beltway silliness is as unavoidable as the summer humidity because rent-seeking groups, both economic and ideological, have powerful incentives to advocate legislation that would advance their interests at the expense of the economy in the aggregate. Nor is it difficult to find officeholders to make their arguments for them, even though, or perhaps because, they know better….
March 16, 2023
The SVB Bailout Will Have Unfortunate Long-Term Implications
Now that the bailout of the Silicon Valley Bank depositors at 100 percent rather than the nominal $250,000 limit has been announced, it is difficult to discern whether the primary motivation is avoidance of future bank runs by small businesses and the like, or an old-fashioned effort to reward the wealthy friends of the Democratic…
March 14, 2023
No One Is in Control
In 1878, a wave of yellow fever swept through the American South and spread out through the Mississippi River Valley. Along with cholera, “yellow jack,” as it was known—after the yellow quarantine flags displayed on ships afflicted by the contagion—had long been a scourge of the American South. As far back as the 1790s, Congress…