Re: [Pen-l] European carbon market crashing

[Jim Devine <jdevine03@xxxxxxxxx>]

Les Schaffer wrote:
>> have you or someone else written on cap and trade? i have a student doing
>> an independent study on energy generation and use and she is interested in
>> cap and trade.

Doug:
> William Nordhaus has a good critique, though he's certainly no radical.
>
> <http://www.econ.yale.edu/~nordhaus/kyoto_long_2005.doc>.
>
> <http://nordhaus.econ.yale.edu/nordhaus_carbontax_reep.pdf>

here's the abstract from the first of these:
>This study reviews different approaches to the political and economic control of global public goods like global warming. It compares quantity-oriented control mechanisms like the Kyoto Protocol with price-type control mechanisms such as internationally harmonized carbon taxes. The pros and cons of the two approaches are compared, focusing on such issues as performance under conditions of uncertainty, volatility of the induced carbon prices, the excess burden of taxation and regulation, potential for corruption and accounting finagling, and ease of implementation. It concludes that, although virtually all discussions about economic global public goods have analyzed quantitative approaches, price-type approaches are likely to be more effective and more efficient.<

I wonder: does this take into account such things as banning
mountain-top removal by US coal companies (a good idea)? having
different pro-environment policies might complicate the idea of
"international harmonized carbon taxes."
-- 
Jim Devine / "Disbelief in magic can force a poor soul into believing
in government and business."  -- Tom Robbins
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