Government subsidies help aid an industry when it is not progressing fast enough in the free market. Generally, when new technology becomes available like green energy, it can take a considerable period of time before prices decline enough to where consumers find the technology affordable. The free market just doesn’t work as fast as some governments would prefer, so they intervene, helping important technology like green energy until it becomes profitable for businesses quicker than it would through the free market.
By using common materials found pretty much anywhere there is dirt, a team of Michigan State University researchers have developed a new thermoelectric material. This is important, they said, because the vast majority of heat that is generated from, for example, a car engine, is lost through the tail pipe. It’s the thermoelectric material’s job to take that heat and turn it into something useful, like electricity.