Earlier quoted context omitted.
I think in the modern political stage we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). Regulations exist to incorporate the costs of externalities into the cost of doing business. This sort of a market correction only receives criticism on an inter-industry level (and possibly with regards to imports if the cost is only applied domestically) becaus…
> we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). My argument is we've replaced a rich set of social controls with a single unitary one; money. And then wonder why we're constantly dealing with mal-externalities. If you consider that human societies are complex and industrial ones even more so, the idea that you can manage that with a single contr…
An Epidemic Is Killing Thousands of Coal Miners
21–30 of 70 posts
Re: An Epidemic Is Killing Thousands of Coal Miners
#22It's clear that no one should be working in a mine without at minimum an N95 mask and probably a PAPR (powered air purifying respirator). I wonder if there is any reason at all, other than preserving corporate profit margins, that the coal industry has failed to adopt simple and well understood industrial hygiene practices. Clean coal indeed.
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Re: An Epidemic Is Killing Thousands of Coal Miners
#23Earlier quoted context omitted.
I think in the modern political stage we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). Regulations exist to incorporate the costs of externalities into the cost of doing business. This sort of a market correction only receives criticism on an inter-industry level (and possibly with regards to imports if the cost is only applied domestically) becaus…
> we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). My argument is we've replaced a rich set of social controls with a single unitary one; money. And then wonder why we're constantly dealing with mal-externalities. If you consider that human societies are complex and industrial ones even more so, the idea that you can manage that with a single contr…
For example: stores that require people to wait in line to get a limited-availability thing on a first-come-first-served basis. Rich people just pay someone to wait in line for them. Entrepreneurs serve these rich people by putting a bunch of people in the line and then auctioning off the resulting purchases to make a profit. Now you’ve got scalpers, a loss of profits to middlemen that could have gone to the original seller (and thus subsidized production), and people wasting time in lines for no reason (because nobody is now getting the thing that wasn’t previously.)
We internalize externalities using monetary penalties, because higher profits are what drive businesses to favor these strategies in the first place. If you cancel out the profit (with a tax or fine), you remove the motive, rather than simply redirecting it.
Re: An Epidemic Is Killing Thousands of Coal Miners
#24Re: An Epidemic Is Killing Thousands of Coal Miners
#25It's clear that no one should be working in a mine without at minimum an N95 mask and probably a PAPR (powered air purifying respirator). I wonder if there is any reason at all, other than preserving corporate profit margins, that the coal industry has failed to adopt simple and well understood industrial hygiene practices. Clean coal indeed.
Re: An Epidemic Is Killing Thousands of Coal Miners
#26I think it's a story we're all quite familiar with: in the absence of someone keeping an industry honest, the industry tends to develop honesty problems, because cutting corners makes the decision-makers more money, and the externalities are just that: externalities.
Aren't mines mostly unionized? Isn't that like the #1 reason for a union to exist?
Re: An Epidemic Is Killing Thousands of Coal Miners
#27Earlier quoted context omitted.
I think in the modern political stage we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). Regulations exist to incorporate the costs of externalities into the cost of doing business. This sort of a market correction only receives criticism on an inter-industry level (and possibly with regards to imports if the cost is only applied domestically) becaus…
> we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). My argument is we've replaced a rich set of social controls with a single unitary one; money. And then wonder why we're constantly dealing with mal-externalities. If you consider that human societies are complex and industrial ones even more so, the idea that you can manage that with a single contr…
Now please, don't take this as an endorsement that we should let externalities go unchecked, or even that governance should shirk basic understanding of processes/industries and expect to replace that entirely with money. Nor do I have love for perverse money-generating yet counterproductive endeavors. I'm just saying the basic trend that you've characterized as "ludicrous" is actually entirely appropriate.
Re: An Epidemic Is Killing Thousands of Coal Miners
#28It's clear that no one should be working in a mine without at minimum an N95 mask and probably a PAPR (powered air purifying respirator). I wonder if there is any reason at all, other than preserving corporate profit margins, that the coal industry has failed to adopt simple and well understood industrial hygiene practices. Clean coal indeed.
Respirators aren't all that expensive, you can buy one at a hardware store. Why wouldn't miners just bring their own?
Re: An Epidemic Is Killing Thousands of Coal Miners
#29I think it's a story we're all quite familiar with: in the absence of someone keeping an industry honest, the industry tends to develop honesty problems, because cutting corners makes the decision-makers more money, and the externalities are just that: externalities.
> in the absence of someone keeping an industry honest Aren't mines mostly unionized? Isn't that like the #1 reason for a union to exist?
But more practically speaking, unions clearly didn't solve the problem here, and unions' power over the economy has waned a lot over the years.
Re: An Epidemic Is Killing Thousands of Coal Miners
#30Earlier quoted context omitted.
I think in the modern political stage we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). Regulations exist to incorporate the costs of externalities into the cost of doing business. This sort of a market correction only receives criticism on an inter-industry level (and possibly with regards to imports if the cost is only applied domestically) becaus…
> we've forgotten that regulations on industry is not a market distortion but a market correction (when done correctly). My argument is we've replaced a rich set of social controls with a single unitary one; money. And then wonder why we're constantly dealing with mal-externalities. If you consider that human societies are complex and industrial ones even more so, the idea that you can manage that with a single contr…