Alan Greenspan is Very Overrated: Part I, Energy
Wednesday, September 19th, 2007
UPDATE: Greenspan is no polymath, to go by the discussions of energy and climate in his instant bestseller, The Age of Turbulence. During his nuclear power love-fest, he writes:
Nuclear power is not safe without a significant protective infrastructure. But then, neither is drinking water. (p. 453)
Wow! That’s an analogy I bet you never heard before. Greenspan is actually comparing drinking water infrastructure — which is needed mainly to protect the water from us (i.e. from human pollution) — with nuclear power’s infrastructure–which is needed to protect us from nuclear material, which (unlike water) is inherently dangerous. I guess this economic guru is the only person in the country who would rather live next to a nuclear power plant than a reservoir.
Even more annoying:
For example, after the initial surge in the fuel efficiencies of our light motor vehicles during the 1980s, reflecting the earlier run-up in oil prices, improvements slowed to a trickle. (p. 446)
Seriously. This statement sums up everything that is wrong with conservative economists. Greenspan hates government mandates like fuel economy standards, so they can’t be the reason why fuel efficiency surged (as the law required) and then stopped (since we haven’t toughened the law in two decades).
Greenspan’s thoughts on global warming are equally annoying and confused, but that will have to wait until Part II. The reason I interrupted my multi-part thrashing of Lomborg is that Greenspan’s book is perhaps more damaging, since he is far, far more respected and this book will be read by many more people–it has already leaped to #1 on Amazon.
Greenspan does have more to say on the issue of oil and fuel economy a few paragraphs later. He notes parenthetically



