alt Hacker NewsWhat stops the government from doing the same thing as private industry?
My (insane) personal opinion is that resource extraction is inherently politically corrosive and we should start seriously thinking of a plan to sunset it. Resource wealth is inherently feudalist, the incentives it offers run contrary to any sane economic system, and any resource wealth that is extracted distorts the market.
Replies
closewith • today at 4:14 AM
Where do you plan to get the resources if we aren't extracting them from somewhere?
It often doesn’t. But it is possible to have effective regulatory oversight systems and taxation. Norway is the model.
It’s the ultimate rent seeking model, and like the old telecom & utility monopolies, they should be on a tight leash with moderate profits.