In the Gulf. Three important questions:
1. Was this a drilling rig? [UPDATE: No, not at the time]
2. Who owns the damn thing?, and [UPDATE: Mariner Energy]
3. How did it explode?
[UPDATE: And apparently no deaths either. Updates are coming in regularly - keep clicking through. This doesn't sound like a large concern, but it will certainly reinvigorate the debate.]
Hopefully we'll get answers to all three shortly.
I swear - if companies don't stop blowing things up in the middle of unappropriatable commons I'm going to have to abandon the macroeconomics of labor and make a career out of the microeconomics of externalities.
"...I'm going to have to abandon the macroeconomics of labor and make a career out of the microeconomics of externalities."
ReplyDeleteWelcome to the Dark Side.
:)
By the way - I still intend to read Sterner. It looks very interesting - I might not get around to it until this weekend. In addition to that, I printed off Ramsey (1928) who they make use of. Probably won't end up reading that, but it still seems worth familiarizing myself with.
ReplyDeleteWhat is your background? Are you a student?
Search and rescue underway.
ReplyDeleteThis is not a rig, BTW. It is a platform.
Good man.
ReplyDeleteAs I said last time, it's a very readable paper and makes a simple, yet important, contribution to the literature (namely, the introduction of relative prices). Good to start with Ramsey as well, although you needn't go that far. They ALL (Stern, Dasgupta, etc) use his original formulation for discounting and, more to the point, Sterner and Persson give good explanation of it. (Still, I have a paper or two lying around on this, so let me know your email if you want more clarity.)
As for my background, yup, I'm a student... Though a teeny bit older, as I worked and travelled for a couple years after my (economics) Bachelor's before coming back to do my Master's. Doing it in sunny Scandinavia, as that seemed the best place to learn about enviro/energy economics and natural resource management. Free tuition didn't hurt either! (Coming from Cape Town (SA), you really get to experience the power of purchasing power parity...)
Xenophon - yep - that was what the original headline said. There wasn't much detail in the original article. I'll update.
ReplyDelete"(Coming from Cape Town (SA), you really get to experience the power of purchasing power parity...)"
ReplyDeleteAt the risk of giving too much information away about myself, I suddenly feel that your Austrian readers will enjoy hearing that I was actually born in Zimbabwe.
Inflation? I LOVE inflation!
Apparently it was an oil processing platform or some such. Which makes it sound like it wasn't directly connected to any drilling operation. No massive oil spill in other words.
ReplyDeleteQuantitative easing is Zimbabwe's biggest export these days.
ReplyDelete"Quantitative easing is Zimbabwe's biggest export these days."
ReplyDeleteHey. If you're talking Zim exports, don't think you can just [i]leave out[/i] illegal immigrants.
I suppose I shouldn't really joke about these things, but I'm reminded of an article in a South African satirist webzine (essentially our version of 'The Onion'), where they discussed Malawi's need to diversify exports away from i) marijuana and ii) children ready for adoption by wealthy Western celebrities.
Harsh, but fair?