More on Carbon Policy Equivalence
Please read Arnold Kling.
My sympathies in economics lie with the so-called “new institutionalists.” I think institutionalists are going to see more clearly than neoclassicals the rather big difference between a carbon tax and a whole new market institution for trade in government-created and government-rationed permits.
But let’s back up a little, [...]
I don’t have much to add to the debate on emissions control policy that seems to have flared up recently. Clearly, both have advantages and disadvantages that the other doesn’t. The major difference seems to be that, under uncertainty on the optimal level of emissions, that cap-and-trade produces potentially excessive costs if the cap is [...]
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