Cafe Hayek

« We Don't Need an 'Energy Plan' | Main | Hawiian Pols Do a Favor for Economics Professors» Don Boudreaux

August 23, 2005

Simon Says: That's a Good Bet, John Tierney!

Don Boudreaux

Like Radley Balko, I applaud with special enthusiasm John Tierney’s column in today’s New York Times.

Talk is cheap. Asking people to put their money where their mouths are – asking them to show some real (rather than only rhetorical) commitment to the positions they espouse – tests people’s sincerity, seriousness, and depth of belief.

You’ll read in Tierney’s column of his bet with someone who foresees a near-catastrophic fall in the effective supply of oil.

Tierney is inspired in at least two ways by the late Julian Simon. First, Tierney agrees with Simon that, human ingenuity being the ultimate resource, the real price of oil is not likely to be higher five years from now than it is today. Human creativity and effort will probably – probably, not certainly – find ways both to reduce the demand for oil and to increase its supply.

Second, Tierney follows the example Simon set with his (Simon’s) famous bet in 1980 with Paul Ehrlich.

......

I got to know Julian Simon personally in the ten or so years before his death in 1998 at the too-young age of 65. I recall with much fondness an evening I spent with him in the summer of 1991. I played several games of racquetball against him at his health club in Maryland. He clobbered me. The games weren’t even close.

Afterwards, he treated me to a delicious meal at one of his favorite Indian restaurants. Something he said there struck me as being especially wise; it’s been with me ever since:

He asked me how I liked law school. (I was then preparing to enter my third year of law school at the University of Virginia.)

I answered that I liked it well enough – not as much as I enjoyed economics grad school – but well enough. I then commented that my fellow law students are all "really, really smart."

Without hesitation Julian replied "Smart has never impressed me. Smart is directionless."

This quotation is verbatim.

Lots of people are smart, but lots of smart people are fools. Julian Simon, while undoubtedly very smart, possessed a much rarer and more valuable trait: wisdom. Julian Simon was one of the wisest (and, by the way, kindest and smartest) people I’ve ever met. After all these years, I still miss him and his oceans of insights.

And, yes, smart is directionless.  The rudder is wisdom.

Posted by Don Boudreaux in Environment, Myths and Fallacies, Prices | Permalink

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d834518ccc69e200d83424b1c153ef

Listed below are links to weblogs that reference Simon Says: That's a Good Bet, John Tierney!:

» And who says economists don't philosophize any lo from The Solel
Professor Boudreaux has written today about John Tierney's resource wager, inspired by Julian Simon's famous bet with Paul Ehrlich. I agree with their reasoning, but what I liked most about the post was this anecdote. [Read More]

Tracked on Aug 23, 2005 9:33:34 PM

» Tierney's Wager from In Lehmann's Terms
Tearing a page from Julian Simon's playbook, New York Times columnist John Tierney has laid down $5,000 against the prognostications offered by Matthew Simmons -- an investment banker, Bush Administration consultant, and author of Twilight in the Deser... [Read More]

Tracked on Aug 24, 2005 12:52:53 AM

» Wednesday's Daily News from The Club for Growth Blog
A Tectonic Shift - Larry Kudlow, Money Politics Bush’s Gains and Losses - Michael Barone, Barone Blog Back ‘GROW Accounts,’ Mr. President - Donald Lambro, HEO Reality-Based Tax Policy - Amity Shlaes, TCS Fixing America’s Tax Cod... [Read More]

Tracked on Aug 24, 2005 10:05:21 AM

» Notes on Oil Supply from Truck and Barter
While there is some chatter going on around other blogs about oil supply issues, I wanted to make mention of something I think is important to the debate. The definition of oil supplies often carries (and too often does so implicitly) the descriptor "e... [Read More]

Tracked on Aug 24, 2005 3:47:14 PM

» Notes on Oil Supply from Truck and Barter
While there is some chatter going on around other blogs about oil supply issues, I wanted to make mention of something I think is important to the debate. The definition of oil supplies often carries (and too often does so implicitly) the descriptor "e... [Read More]

Tracked on Aug 24, 2005 4:03:12 PM

» Notes on Oil Supply from Truck and Barter
While there is some chatter going on around other blogs about oil supply issues, I wanted to make mention of something I think is important to the debate. The definition of oil supplies often carries (and too often does so implicitly) the descriptor "e... [Read More]

Tracked on Aug 24, 2005 4:35:38 PM

» In Bolivia, world's highest ski resort melting away from - Times are hard
(5,300 metres) above sea level in the Bolivian Andes. Its glacier is melting so fast synthetic snow is seen as the only way to save it. [Read More]

Tracked on Mar 25, 2006 11:39:21 AM

» Get A Free Catalog from Online Catalog
Phrase Search Catalog Quick Add Request a Free Catalog ... [Read More]

Tracked on Mar 26, 2006 6:23:27 AM

» Winner Named for 'Home Office From Hell' (AP) from computer support
probably have a pretty good idea of the meaning of the word "frustrating." [Read More]

Tracked on Mar 31, 2006 2:37:53 AM

» Cell Phones from mobilebum.info
News and ... Sep News of Safety phones, new cell phone phones Cell time ... [Read More]

Tracked on Apr 8, 2006 2:53:11 AM

» Most popular words 2006: from Reader's Favorites at Scientific American
The articles includes Editor's Favorites, top e-mailed stories, and most popular articles. ... Babies Can Learn Words as Early as 10 Months ... [Read More]

Tracked on Apr 12, 2006 8:46:04 PM

» Drugs & Supplements from Drug Information and Supplement Information
Search: Enter a drug name ... LEGAL CONDITIONS AND TERMS OF USE APPLICABLE TO ALL USERS OF THIS SITE. ANY USE OF THIS SITE CONSTITUTES YOUR AGREEMENT TO ... [Read More]

Tracked on Apr 13, 2006 8:18:14 PM

» Moblie Phones,Cell Phone Dictionary from Dictionary of Internet Terms
All products >Translation Software > Flash Cards for Moblie Phones,Cell Phone Dictionary Translator. Specify language:. Albanian, Arabic, Bosnian, Bulgarian ... [Read More]

Tracked on Apr 18, 2006 12:51:08 AM

» Legalising and declassifying drugs from What if all drugs were legal?
urban75 drug information: a huge online resource of drug information, help and advice including cannabis, cocaine, heroin, ecstasy, solvents, ketamine and ... [Read More]

Tracked on Apr 27, 2006 12:00:22 AM

» Finance Search Online: foreign exchange currency administration rules and insurance from Business Finance Online
Business Finance Online Product/Service Directory. Search for business finance related products and services by browsing the directory of business finance ... [Read More]

Tracked on Apr 28, 2006 2:10:12 AM

» The Interactive NGC Catalog Online from Official Catalog
The Interactive NGC Catalog Online. This is the interactive NGC (and IC, and Messier) catalog at SEDS, based on the famous NGC 2000.0 by RW Sinnott of Sky ... [Read More]

Tracked on Apr 30, 2006 1:19:29 AM

» SmartPhone Today: Telefonica TSM400 from Smartphone Reviews; Best SmartPhones
The Internet's 3rd Party information center for SmartPhone Shareware, SmartPhone Freeware, Reviews, Hardware, Discussion, and more! Updated Daily... [Read More]

Tracked on Apr 30, 2006 5:11:42 AM

» Find search engines across the world with Search Engine from World Search
Gain quick, efficient access to search engines from countries around the world with Search Engine Colossus - International Directory of Search Engines. [Read More]

Tracked on May 7, 2006 2:37:16 AM

» USA Search Engine Optimization from Advanced Search | US
Directory of USA (USA) search engine optimization (seo) and marketing professionals for web sites, internet development and viral marketing campaigns. [Read More]

Tracked on May 7, 2006 5:22:50 PM

» The Cost of the War from pain suffering
the triumph of tenderness and kindness over pain suffering and loss. I haven't had the privilege of meeting Bonnie, or any other TAPS folks, but [Read More]

Tracked on May 15, 2006 8:55:00 PM

» University Search from Worldnet Service
Searching the University web servers, the Internet, for telephone numbers and ... Use this page to search for people (by surname) or for institutions within ... [Read More]

Tracked on May 16, 2006 11:25:43 AM

» All services on the Internet from Internet - Wikipedia, the free encyclopedia
All services on the Internet make use of defined application protocols. ... Similar to how the commercial Internet providers connect via Internet exchange ... [Read More]

Tracked on May 19, 2006 8:38:32 PM

» Dictionary Search Page from Dictionary Search
An unabridged dictionary from aalii to zymurgy, including a pronunciation guide... [Read More]

Tracked on May 21, 2006 6:40:57 PM

» Welcome to Ukrainian Gift Shop from Gifts Shop
Ukrainian Gift Shop is the world's largest source of Pysanky, Ukrainian Easter eggs, and Pysanky supplies... [Read More]

Tracked on May 23, 2006 7:56:26 AM

» Die Schweizer Suchmaschine from dir.pogovorim.com
Suchmaschine fr die Schweiz mit regionaler Volltextsuche (im domain und in weiteren Sites mit... [Read More]

Tracked on May 27, 2006 6:03:28 AM

» Cambridge Dictionaries Online: cigars online from online dictonary
Free online dictionary from Cambridge University Press [Read More]

Tracked on May 27, 2006 7:13:05 AM

» World Bank official urges quick aid for Haiti from to help Haiti's
and start tackling the desperate poverty and violence, a senior World Bank [Read More]

Tracked on May 27, 2006 9:40:30 AM

» Hollywood Creative Directory from Directory Map
Contact information for the film, television and new media industries. [Read More]

Tracked on May 27, 2006 11:08:54 AM

» cleansing cocktail advanced detox formula fuzzy navel from Detox process
The good news is that the detox process may enhance your body's ability to metabolize the medication and you may soon require less. But in the meantime, ... [Read More]

Tracked on Jun 9, 2006 9:24:18 AM

» Fresh MP3 tracks from music process
Fresh, MP3 music download... [Read More]

Tracked on Jun 29, 2006 11:18:28 AM

» States and Capitals from All USA States
State information resource links to state homepage, symbols, flags, maps, constitutions, ... All Rights Reserved. Press Ctrl - D to bookmark this page. ... [Read More]

Tracked on Jul 18, 2006 1:22:33 AM

» Rockets Finalize Deal for Battier from trade that sent
Shane Battier has heard rumblings that Rockets fans weren't thrilled [Read More]

Tracked on Jul 25, 2006 3:42:43 AM

» ALL Themes from Invision Power Board
He has set up a test blog so you can check it out - it’s great work. ... Note to all theme authors: In order to be considered for the competition, ... [Read More]

Tracked on Jul 25, 2006 3:02:47 PM

» Internet Statistic: loose power from Words 2006
Most Popular Words 2006... [Read More]

Tracked on Aug 1, 2006 2:10:01 AM

» clinique from clinique: Read reviews and compare prices
Shop our selection of Clinique fragrances and cosmetics online. ... Search results for "clinique". Item 1 to 10 out of 580 Show all, sorted by Popularity ... [Read More]

Tracked on Aug 5, 2006 5:15:31 AM

» DDT returns from most effective
is also the most effective weapon against malaria. Ready or not, DDT is on its way back to Africa. Apoorva Mandavilli reports. [Read More]

Tracked on Aug 7, 2006 5:22:08 PM

» Stewart to Pay to Settle SEC Charges from Stewart to Pay
Stewart to Pay $195,000 to Settle Civil Insider Trading Charges With SEC [Read More]

Tracked on Aug 9, 2006 2:35:13 AM

» Ru-Энциклопедия from Words 2005-2006
Most Popular Words from Internet... [Read More]

Tracked on Aug 14, 2006 8:15:04 PM

» Энциклопедия рунета from Internet Search
Выберите интересующий Вас раздел: 0-9 B C D E F G H I L M O R S T V W А Б В Г Д Е Ж З И К Л М Н О П Р С Т У Ф Х Ц Ч Ш Щ Э Ю Я TOP 20... [Read More]

Tracked on Aug 15, 2006 9:28:28 AM