Tuesday, March 14, 2006

Hayekian Capitalism Working for the Environment

From Tankerworld:

"The Estonian coast guard is testing a new oil spill detector for use in coastal surveillance planes, enabling easy detection of an oil spill and quick determination of spill size and type of oil spilled. The device is connected to the plane's radar system and is able to detect oil spills under water, on ice and in the dark."

While the overall performance of the fuel transportation industry is quite good, it is obviously imperfect, occasionally quite tragically and expensively so. This technology will vastly enhance our ability to minimize the negative impact of transporting fossil fuels over our oceans and in proximity to our coastlines. So while environmental absolutists would have us endure reduced living standards (less opportunity to travel distances, less speed to get places and do things, less control over our personal environments), human ingenuity is moving full steam ahead to obviate the tradeoffs and constraints of today so our children don't have to live with the same tradeoffs and constraints and are free to tackle different challenges. Collectively, this is how capitalism, free-wheeling Hayekian capitalism, makes us all richer. Still, I doubt that Greenpeace is going to rush to put their stamp of approval on this technology.

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