The Thanksgiving Miracle

The Biden administration has approved plans to build the nation's largest oil export terminal off the Gulf Coast of Texas, which would add 2 million barrels per day to the U.S. oil export capacity. Curious.

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Only 45MW of 3.3GW on offer was awarded in Spain’s latest renewables tender as a price cap of around €47 ($49) per MWh failed by far to “reflect the real cost of energy”, the country’s wind energy association (AEE) claimed.
The slow pace of permitting and processing also contributed to the failure of the auction.
The price cap neither took into account the impact of inflation on the costs of new renewable installations, nor the prospects for future electricity prices, the AEE said.

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Senior Biden officials who have been pressuring the World Health Organization to rename monkeypox have succeeded in their efforts. Monkeypox has been rebranded MPOX. The White House requested the name change because of its racist connotation. (Politico)

What?

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Interesting observation in the Globe that the NYT is reassessing some of its opinions. One is its position on charter schools.
The NYT noted that charters “typically outperform district schools in math and reading on state standardized tests,” that “the vast majority of students in charters are Black and Latino” and that “families in New York have clamored for more access to charters.” More: “Most Democratic lawmakers remain firmly opposed to allowing any expansion of the schools,” but teachers’ unions, as “major political players,” are a key stumbling block.

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A Miracle, Thanksgiving-type

In a 2003 Boston Globe article titled “Giving Thanks for the Invisible Hand,” syndicated columnist Jeff Jacoby offered a wonderful tribute to the miracle of the invisible hand that makes affordable turkeys available so efficiently every year at Thanksgiving through the power of “spontaneous order” and without the need for any central planning or “turkey czars.”
“The invisible hand” — the mysterious power that leads innumerable people, each working for his own gain, to promote ends that benefit many.”


The Thanksgiving Miracle

Isn’t there something wondrous — something almost inexplicable — in the way your Thanksgiving weekend is made possible by the skill and labor of vast numbers of total strangers?

To bring that turkey to the dining room table required the efforts of thousands of people — the poultry farmers who raised the birds, of course, but also the feed distributors who supplied their nourishment and the truckers who brought it to the farm, not to mention the architect who designed the hatchery, the workmen who built it, and the technicians who keep it running. The bird had to be slaughtered and defeathered and inspected and transported and unloaded and wrapped and priced and displayed. The people who accomplished those tasks were supported in turn by armies of other people accomplishing other tasks — from refining the gasoline that fueled the trucks to manufacturing the plastic in which the meat was packaged.

The activities of countless far-flung men and women over the course of many months had to be intricately choreographed and precisely timed, so that when you showed up to buy a fresh Thanksgiving turkey, there would be one — or more likely, a few dozen — waiting. The level of coordination that was required to pull it off is mind-boggling. But what is even more mind-boggling is this: No one coordinated it.
No turkey czar sat in a command post somewhere, consulting a master plan and issuing orders. No one forced people to cooperate for your benefit. And yet they did cooperate. When you arrived at the supermarket, your turkey was there. You didn’t have to do anything but show up to buy it. If that isn’t a miracle, what should we call it?
Adam Smith called it “the invisible hand” — the mysterious power that leads innumerable people, each working for his own gain, to promote ends that benefit many. Out of the seeming chaos of millions of uncoordinated private transactions emerges the spontaneous order of the market. Free human beings freely interact, and the result is an array of goods and services more immense than the human mind can comprehend. No dictator, no bureaucracy, no supercomputer plans it in advance. Indeed, the more an economy is planned, the more it is plagued by shortages, dislocation, and failure.

It is commonplace to speak of seeing God’s signature in the intricacy of a spider’s web or the animation of a beehive. But they pale in comparison to the kaleidoscopic energy and productivity of the free market. If it is a blessing from Heaven when seeds are transformed into grain, how much more of a blessing is it when our private, voluntary exchanges are transformed – without our ever intending it – into prosperity, innovation, and growth?