necator
ten are inalienable is ne
ove int Soto buy a hil or the Fightto
paretat ve .
eo P
‘oink
pay to restore an Amazonian rainforest or mox
wlesnize anol cos
‘burning factory ina developing county, aan
to cast shadow over
parent is
rieace of loving Your chile
ave ne asic the eB
[A the time, I wrote an op-ed in The New York
aginst the trading scheme. I worried that tng eae
asia ped some of chem by BADINE ight to pe ie lteltingpelepye be a
rrr ix advastagess 2 THI quota, however odious, would
ae fixed quot
sions, we would
undermine the sense of shared serifie necessary to fatte global
a «cooperation onthe environment Mi
‘The Times was flooded with sathing letters mos from eon
costs, some of them my Harvard colleagues filed to understand
the virtue of markets, they suggested, or the eciences of ade, ot
the cementary principles of economic rationality Amid the toe
tentofericism I did receive a sympathetic email from my ol eae
lege economics professor. He understood the
st point I was ying to
make, he wrote. But he also asked a smal favor: Would mind aot
tradable Pollution Permits
jepeena ne and fee isao leva lag
Tae duce greenhouse ses
vesions ail fine companies
nd carbon emissions,
lu
over how toe :
ent set its on €™
ee 1. create tradable ‘pollution
" government
ould
them? Or sho 5
approach saysin fl
a vox of doing business: Buti thal
Fiuering but simply 2
«hat emitting polation
Taga attach to companies
should some moral si
2 To decide thi
ub revealing the identity ofthe person who had taught me
is question, We
lve since reconsidered my views about emissions
jo the a
pollution
trading to
. tome extent—though not forthe doctrinal ean the economia i
A benefits; we have to decide or
calculate costs and be . :
we want to promol
the environment
litter out the car wir
E indo onto the high
A ecimiting carbon dioxide is notin itself objectionable. Weal do
‘ery time we exhale, The
rane The noting nny wrong wih
sito the ai.
‘Kyoto conference on global swarming (1997)
Aa the Kyoto cone ‘
ed that any mandatory W
nce wading mE
vel he ight to pollute S05 f08
he Kyoto, "
{alflits obligations under th F
cown greenhouse gas emissions
place els. Rather than tas
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poe iota ag a oer bah
Sulfur emissions declined, and the
in i ee ena
nthe ‘Stal arming, The Kyo Pree aa2h enon a “ty
for spewing mercury and fe» hice thy could reset ae a Ee S
rnd for bfouing he ait with cok Sjns or ay another country t redaes sen EsanouE Micae
ks ene ee . cr wean sae cal
people oppord ine SB Oe nha
Some peo onts on instr. Bu others, the United anys a rae Se
Dep ih induce
sccm sndaubsien all dina
ine i lea ite go
htthe moral co fs iba materi
tha imposes highet
‘pak to environmental protec sought more efi
ni At prvi bone ae a
Faking deopened thet hol some
anything
ave f
economic ways 0
‘ehadvocates began fo OF markeebased approaches
Ee a With the proposed market in procreation pees,
ame instead pa BEE ae ri
oa? Ting hc cas
“re simplest way fputinga pice on allt ial love by ese child.
ing parents
vee seen asa fe rather than &
they nice, Peis fr this reason, ita el
sc. So policy makers have embraced 2
tion to pollacion—emissions trading
1 1990, President George H. W. Bu
reduce acid rain, which is eaused by.
certain amount, and then Ie
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