Later On

A blog written for those whose interests more or less match mine.

The quote I was missing in the Libertarian post

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I kept searching for a quotation I had read that I wanted to include in my post on the foolishness of Libertarianism, and I finally found it:

William W. Hogan, considered the architect of the Texas energy market design, said in an interview this past week that the high prices reflected the market performing as it was designed.

The rapid losses of power — more than a third of the state’s available electricity production was offline at one point — increased the risk that the entire system would collapse, causing prices to rise, said Mr. Hogan, a professor of global energy policy at Harvard’s Kennedy School.

“As you get closer and closer to the bare minimum, these prices get higher and higher, which is what you want,” Mr. Hogan said.

I’ve updated the earlier post to include this, which nicely encapsulates the embrace of logic over experience. The quote is from a NY Times report by Giulia McDonnell Nieto del Rio, Nicholas Bogel-Burroughs, and Ivan Penn

Written by LeisureGuy

23 February 2021 at 9:52 am

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