Externalities are one way in which markets and private enterprise can fail to reach socially desirable outcomes. An externality exists whenever there's a third party or parties that are affected by a transaction, yet they have no direct say in the transaction. Typically we assume that any market transaction involves two parties, a buyer and … Continue reading Nuclear Power and Externalities
This morning the news came that more than 2 weeks after the tsunami in Japan, 4 of the 6 nuclear reactors at Fukashima are still not stable. Indeed, 1 or 2 of the reactors are suspected of having leaks from, at best, the pipes into and out of the core reactor containment housing, and, at … Continue reading Corporate Influence – GE and Radioactive Fallout
The disaster at the Japanese Fukashima nuclear reactor has, not surprisingly, re-opened debates about nuclear energy, it's safety, and energy policy in general. I'm not going to go into the whole debate or the merits of nuclear energy vs. coal-powered vs. solar, etc. here now. But what I do want to do is to talk … Continue reading Beyond Regulation: Thorium As Safe Nuclear Power?