n their new study, Robert Michaels and Robert P. Murphy of the Institute for Energy Research examined four studies on the alleged benefits of government programs to foster green job creation and found a common characteristic: they all rest on incomplete economic analysis consequently overstating the net benefits of their policy recommendations. Below is a summary of the general problems: [factoids - snip]
With no standardized definitions of the renewable and energy efficiency industries, authors of these reports have a wide range of plausible choices. But the larger the percentage of the workforce engaged in producing renewable power and efficiency, the smaller the output of other goods, say Michaels and Murphy.
The fact that building and operating renewable power generators requires more labor time than for conventional generators is a signal that the nation should not rush toward renewable. The public is worse off because it sacrifices the outputs that those workers could have produced had they been employed elsewhere, says Michaels and Murphy.
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