William Nordhaus has finally got his Nobel which is good. What is also excellent about this is that we’ve now this official recognition of how to do climate change economics right. This is something that all economists know, of course, but something that near no one else – especially the policy makers – does.
Stick on a carbon tax at the social cost of carbon and we’re done.
Don’t try to plan or strategise through things, don’t insist that the money must be used to fight climate change nor compensate for it.…See More