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As a casual observer of the markets since 2007, one thing I find striking is that markets are driven by greed & FOMO, anxiety & panic, rumors -- not reasonable risk anticipation and accurate future forecasting. They implement collective stupidity more than collective intelligence
As such, "the markets will solve it" isn't a great problem-solving strategy (e.g. climate change)
Markets are irrational, not even suitable for simple optimization problems. They do a very poor job at incorporating all available information (e.g. experts who spent February warning us)
Let the markets solve what they can solve (which isn't nothing), and let's find some more targeted and robust (and hopefully somewhat efficient) solutions for the rest.
Do markets solve more than they mess?
Markets can solve short-term optimization problems, when given the right incentives. To solve long-term problems, or very rare problems, incentives need to be provided externally via regulation or trading in representative instruments, like carbon trading.
The climate change isn't a problem for markets... yet, which is a problem by itself.
remember that your opinion is 1, the market is just the emergent expression of what other people believe (they must be idiots eh? You got risk/uncertainty figured out ya?)
Laissez-faire, also known as Laissez-brûler.
The markets will only get externalities like climate change damages 'right' if there is a clear mandate from a governmental authority with enforcement power. For global problems, that is likely to never be the case. Hence, the mother of all collective action problems.
Markets can only solve “it” if “it” has been set to a price (a cost). The markets are a fantastic computing device if we can harness their power for seeking efficiency.
Markets may not be infallible, but incentives drive outcomes. Price on carbon is a fantastic way to reduce emissions and a way to get market to take needed actions.
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