“The one thing that I think could be a risk out of the blue…the one thing the market could get wrong… is a whopping great carbon tax out of the blue…. That is possible.” This is the most important point: he’s arguing that markets have not yet contemplated pricing in the externality, likely as no one believes that it will happen. Put another way, the ‘risk’ to markets, which are focused primarily on the shorter term, is not from the long-term physical damages of climate change; it’s from the possibility that we’ll actually listen to the experts and do something about it today by regulating the externality.
Tätä olen odotellut jo pitkään.
Oli kyllä erinomainen kirjoitus kokonaisuudessaan.