James Galbraith gets to the heart of the dilemma facing climate change economics: The market's real failure is that it allows for no signal from the future to the present, either from the conditions that will exist 30 years hence or from the people who will be alive and working then. The question becomes: Can we really create a market in which those far-off voices are effectively heard? He ponders the solution offered by mainstream economists, mainly carbon taxes and cap-and-trade systems, noting that they all rely on markets and competition. Then he directly questions whether that's the way to …
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