Samuelson Hypocrisy Over Gas Prices
Guess what: These crowd-pleasing proclamations are contradictory. Anyone fearful of global warming should cheer higher gasoline prices, because much higher prices represent precisely the sort of powerful incentive needed to push consumers toward more fuel-efficient vehicles and to persuade the auto industry to produce them in large numbers. Bravo for higher prices! Perish the thought. In late May, gasoline prices hit a national average of $3.22 a gallon, which, after correcting for inflation, is roughly as high as in early 1981, the recent peak....