Jake Young is a MD/PhD student at Mount Sinai School of Medicine focusing in Neuroscience. He is due to graduate in 2032. He received a BS and a MS in Biological Sciences from Stanford University -- where he spent most of his time drinking heavily and building vegetable catapults instead of learning information that would now be eminently useful. When he is not failing terrifically to perform his sworn duties, he enjoys watching bad movies, ethnic food, and running.
Pure Pedantry is a blog about science -- social sciences and otherwise -- as well as academic and scientific culture. No one can live on science alone, so I also like to dwell on pop culture, periodically explore the humanities, and indulge in other types of geeky goodness.
Jake is joined periodically by two wonderful guest bloggers: Kara Contreary and Kate Seip. See the About Page.
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Category: Economics • Energy Policy
Posted on: June 3, 2008 11:36 AM, by Jake Young
Haha! The Law of Demand works. Price goes up. Driving goes down.
Figure: NYTimes
I repeat: if you want to lower demand for and hence consumption of gasoline, this is the best thing that has ever happened for you. Prices are the most effective climate change abatement policy, and a gas tax holiday is a horrible idea.
Hat-tip: Greg Mankiw
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Environment
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Comments
You are absolutely correct about supply and demand. I have seen more SUV's and large trucks for sale on the side of the road...as if the passersby are completely stupid and will just jump at the chance to buy. This sell off of the hedonistic fuel-hogs plus the reduce usage of fuel will eventually bring prices down...hopefully...until the first major hurricane. Great Post!
Alex ~D~
http://theapocalypsepapers.blogspot.com
Posted by: AlexD | June 3, 2008 3:53 PM
I bought a motor scooter. As soon as my leg heals (from the last accident), I'll be back on it.
Posted by: Paul Murray | June 3, 2008 7:59 PM
The problem with having a fuel-efficient car is BUYING it. Between the poor economy and life circomstances, I can only dream about a fuel-efficient automobile while I drive my mother's minivan to work. I feel evil in it, but it's free (besides gas).
If the government took this issue seriously, they'd set up a REAL nationwide public transportation system. Then I could live in todays times without my own vehicle.
Posted by: TheNerd | June 4, 2008 11:57 AM
For some of us, demand for mileage is really inelastic. While I agree that high prices are provoking more people to get off their asses, I'm just bummed that I still have to drive everywhere becausse no one wants to carpool on a similar schedule to mine nor is there any transit line near my home. Oh, and sine you're into pure pedantry, I'd like to remind you from Economics 1, as price goes up, QUANTITY demanded goes down. The demand curve doesn't actually shift.
I miss living in the Bay Area and taking BART everywhere.
Posted by: Rogue Epidemiologist | June 19, 2008 6:00 PM