Cato Institute
Policy Analysis
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The intermittent
ronmentally conscious world because
of siting constraints.
characteristic of
The Petroleum Economist's headline for
wind and solar
1998 projects, "Ever Greater Use of New
energy could
Technology,"2 5 0 will also characterize future
years, decades, centuries, and millennia
make those ener-
under market conditions. If the "ultimate
gies bridges to
resource" of human ingenuity is allowed free
rein, energy in its many and changing forms
conventional
will be more plentiful and affordable for
energy.
future generations than it is now, although
never "too cheap to meter" as was once fore-
cast for nuclear power. For the nearer and
more foreseeable term, all signs point toward
conventional energies' continuing to ride the
technological wave, increasing the prospects
that when energy substitutions occur, the
winning technologies will be different from
what is imagined (and subsidized by govern-
ment) today. Such discontinuities will occur
not because conventional energies failed but
because their substitutes blossomed.
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