The Gulf Coast, an offering

BusinessWeek:

Many economists argue that government needs to step in when the private sector isn't providing the socially optimal amount of something like research. But government R&D spending on energy has been scarce, too. It was less than 0.03 percent of U.S. gross domestic product as of 2007, about one-third the share in Japan. The dearth of investment in energy R&D helps explain why the world is still getting its energy by punching holes in the sea floor rather than from safer, renewable sources such as the sun and the wind.

Note the economic admission that the government should step in when the private sector isn't providing the "socially optimal" amount of something. Naturally, the economist arrives on the scene, just in time, to help us understand the principle. But how does the economist know what is socially optimal when in every social exchange he produces nothing less a monologue? I will tell you: the economist, who enjoys all the advantages of a specialized training, commits to an intensive evaluation of his paystub and, having weighed all of the evidence, makes an impartial determination as to whether he might like another. By this method the economist conjures up a measure of what is socially optimal that is best suited to any occasion.

What we can deduce from this is that "many economists" don't work directly for large oil interests; if they did, they would know full well that what society needs is best met by extending a mechanical drill two miles beneath the sea, only to advance two more miles into earth, in search of that piece of profit which constitutes the basis of daily life. Surely, "the dearth of investment in energy R&D helps explain why the world is still getting its energy by punching holes in the sea floor" -- why, it's almost as if whoever is driving energy policy hasn't made it their priority to do otherwise!

As an inversion, capitalism might be called the greatest philanthropic endeavor ever undertaken by humankind. Never before have so many contributed so much to so few. Let it be a consolation to our children and grandchildren that everything we gave away so generously was not squandered, but made right by the approval of that possessing minority we looked up to and admired. Surely they will understand our position, as people who might have done differently before it was too late!