Thursday 14 December 2017

On a power trip

Madam –Nick Webb tells us that wind farm owners were paid €10m not to produce power last year (Sunday Independent, April 27, 2014). To the layman the windies cannot lose. Too windy? Shut down but pass on costs to customers. Not windy enough? Don't worry, tot up the loss and pass it on to customers. It's an ill wind that doesn't benefit somebody.

Whilst studying economics the power of the invisible hand of the "market" was drilled into me. It would intervene as needed, checks and balances, weeding out the weak, setting bearable costs and prices and incentivising the innovative.

The opposite was the Soviet communist system of state intervention and distortion of free market forces.

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