Filed under: Uncategorized | Tags: Econbrowser, James Hamilton, luck, oil production, peak oil, production, technology, the Cult of Technology
What if our technology had more to do with luck than our luck had to do with technology?
My view is that with these new fields and new technology, we’ll see further increases in U.S. and world production of oil for the next several years. But, unlike many other economists, I do not expect that to continue for much beyond the next decade. We like to think that the reason we enjoy our high standard of living is because we have been so clever at figuring out how to use the world’s available resources. But we should not dismiss the possibility that there may also have been a nontrivial contribution of simply having been quite lucky to have found an incredibly valuable raw material that was relatively easy to obtain for about a century and a half.
Yeah.. Don’t dismiss that possibility.