The Mess with Texas, Electric Boogaloo Bamboozle Dept.
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Paul Krugman explains the flawed reasoning behind the failure of the electricity industry in Texas. A snippet:
In fact, some people see nothing wrong with what happened in Texas in the past week. William Hogan, the Harvard professor widely considered the architect of the Texas system, asserted that drastic price increases, while “not convenient,” were how the system was supposed to work.
But kilowatt-hours aren’t avocados, and there are at least three big reasons why pretending that they are is a recipe for disaster.
Follow the link for those three big reassons.
