The Return of DOW 36,000
James Glassman's wrong-way sign for economic opportunity points in this direction:
Similarly, the best way to reduce demand for gasoline is for government to require that cars and trucks get lower miles per gallon, become less efficient. That should be Mineta's new slogan, "10 MPG Equals Energy Independence!"As always, one should take the opposite stance to any advice Glassman gives out. The DOW could still hit 36,000, figuratively speaking of course.
CAFE standards don't lower energy use. They merely satisfy the need of politicians to convince an unsuspecting public that they're doing something. It's time for the public to wake up to this scam.
I cringe as Glassman gropes around trying to describe Jevon's paradox, without having the background to name it or understand it's true implications. And Glassman does not have the intellectual honesty to point out the other alternative to CAFE standards -- the gas tax. But Matt Yglesias does.