if aggressive actions are to be taken to control GHG emissions, carbon-centered tax reform–not GHG emission trading–is the superior policy option.
Greg Mankiw recommends this AEI policy paper which I’ve not had time to read yet. It’s good to see enunciation of the “no regrets” principle at the outset:
…given the current uncertainty, policy should conform as much as possible to a “no regrets” principle by which actions undertaken can be justified separately from their GHG emissions effects in the fullness of time, such that nonparticipation by developing nations will disadvantage the United States in the global marketplace as little as possible.
More to follow…
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