Is it the case that better mechanisms for pricing externalities (in general) would be as big a breakthrough as it seems?
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Even with carbon taxes (the most obvious case?), there's a lot of subtlety. Mankiw tried to get the ball rolling: http://en.wikipedia.org/wiki/Pigou_Club
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But if it's imposed in only some countries, you just shift demand. https://ideas.repec.org/p/ces/ceswps/_2087.html ….pic.twitter.com/KSWpPpu7oN
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@patrickc unclear-the pricing part isn't the hard bit, it's convincing people to pay it- e.g., we already kinda know what carbon costsThanks. Twitter will use this to make your timeline better. UndoUndo
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@patrickc in a way it's what I work on except just for outcomes in people's livesThanks. Twitter will use this to make your timeline better. UndoUndo
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@patrickc hey Patrick! Are you single?Thanks. Twitter will use this to make your timeline better. UndoUndo
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@patrickc isn't this what trial lawyers and civil courts spend a lot of time trying to do? (tongue only half in cheek)Thanks. Twitter will use this to make your timeline better. UndoUndo
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@patrickc How I think about it: inability for market to measure true value => unaddressed externalities => market failures.Thanks. Twitter will use this to make your timeline better. UndoUndo
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