Because no one can tell a plausible story about market exchange or transaction costs with future generations, no one can show that climate change is an external cost resulting from a market failure.
Saving a species from extinction is a daunting and important task. On many occasions, legislation designed to protect endangered species can be both inefficient and ineffective. Protecting the environment has the same problems – no matter how well-intentioned environmental protection laws are, unintended consequences often make bad situations worse, exacerbating pollution and environmental waste. Can […]