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By that logic, a sledge hammer can really add value
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Posted by Tim (more from Tim) on Tue, 25 Sep 2012 15:00:08 Share Post by Email
In Reply to: Domestic electricity vs. imported oil., dmz789qqq, Mon, 24 Sep 2012 03:49:03
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to a Volt! If they position a burly guy at the end of the production line to swing a sledge hammer at the brand new Volt, thereby necessitating repair immediately, by your logic, the Volt now has created more "jobs" in its life time by virtue of having to be repaired right away.

Why don't we just torch the plant and rebuild it to "create jobs"?

What is a real job? It's a form of division of labor: we (either the end customer or the employer anticipating end customer desire) are paying someone to get something done because that's less costly than if we had to do it ourselves. That's why we buy food instead of growing it in our backyard; that's why farmers use distributors so they can focus on growing food instead of trying to sell all their own produce directly.

Government subsidy of Volt costs jobs right off the bat: the tax money spent on it ultimately from depriving alternative carmakers who can make a hybrid much more efficiently than GM's Volt, for example, Toyota Prius, simply because that's most likely where people would have spent money if it had not been taxed away, and that's also where battery makers would have sold batteries if not for government-subsidized mfr bidding up prices. If Volt is less reliable than Prius, the repair work is not "creating jobs" any more than a sledge hammer would "create jobs" at the end of the production line.

The point about import oil is equally misguided. We import oil not because we do not have oil, but because imports are cheaper than domestic production. BTW, we burn oil not because it is valuable but because it is the cheapest liquid fuel source. Domestic oil production cost is higher than import, so if you want the percentage of imported oil to drop (i.e. "making us less dependent on import oil" whatever that means), you should advocate gas guzzlers, so that oil consumption level is higher and oil price is driven up, so as to make domestic production viable. If world market oil were $5 a barrel, hardly anybody outside the Middleast would be producing oil (Russian cost is around $11, North Sea $12, Venezuela $18, North America oil sands $30, making oil from coal and natural gas $60-80). That is not just theory but bore out very well in the past several decades: as oil price dropped in the 80's and 90's from $40 to $10 (not adjusted for inflation), US import percentage climbed rapidly as many small domestic oil companies went bankrupt; in the past decade as oil price climbed from $10 to $100, domestic oil production has become the most profitable industry, and many new fields were opened up.

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