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People got scared (somewhat legitimately) and we regulated them to death. It became so risky and so expensive to invest in nuclear that nobody, not even the big companies with nuclear divisions like GE did it. People talk about failures of the market all the time, and there are many. This was one of the failures of regulation. I think we're starting to see a small revival here finally, but is it too late? Renewables are driving down the cost of electricity so any nuclear companies not only have to find a way to be profitable today, but 1, 2, 3 decades from now. |
Blunder 1: war. We dropped a nuclear bomb before we ever made a nuclear power plant. Nuclear became inextricably linked with sickness and death instead of power and prosperity.
Blunder 2: broken heuristic risk assessment. Radiation is scary because it's "spooky" - it's undetectable, and it kills you in a nasty, body-horror kind of way - a long time after exposure. (Although many environmental toxins also fit this bill and aren't so "spooky", so I'm not sure what's going on there). Fossil fuels just aren't "spooky" in the same way, even though the numbers show them as far more dangerous. Chernobyl is enough to put people off nuclear entirely, but even a hundred Chernobyls would not be as bad as the environmental damage wrought by the carbon industry. A bold claim? We're in the middle of a global mass extinction. A hundred Chernobyls wouldn't be a blip in Earth's biodiversity. Even Chernobyl itself is practically a wildlife sanctuary now.
Blunder 3: Status quo bias. Sure, fossil fuels are terrible in many ways. But better the devil you know!