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by pirate787
1805 days ago
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The best way to understand global warming is that the market doesn't account for the true cost of carbon emissions. That's because the atmosphere is an unregulated commons, lacking property rights or other legal mechanisms to assign the costs of carbon emissions. A carbon tax or some other way to assign a "price" to carbon twill begin to assign that cost, and the market system will naturally, in a million small ways, reduce the emission of carbon. The result will be dramatic, unforeseen levels of reductions. |
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You place a lot of faith in it but "the free market" is not a construct that functions according to immutable natural laws. It's a man-made and very much corruptible system.
Nature does not comply with property rights, legal mechanisms, nor quarterly results. People have to force ecological concerns into their markets. That's a tall order and it won't just happen without a serious taste of what is to come, sadly.