Lessons Learned From Carbon Cap And Trade Schemes
As economic policy, carbon trading doesn't seem to work. Mandating a market and forcing people to participate is in defiance of what a market is.
Markets for trading carbon emission credits to reduce greenhouse gas emissions are in place in some countries, and even a few US states, so there is at least some idea about what does and does not work.
In a Policy Forum article in Science magazine, Duke University's Richard Newell, William Pizer and Daniel Raimi discuss discuss what it might take for these markets to develop in the coming years and decades. They're fans of the idea, they…