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Putting A Price On Carbon: The Metaphor, David M. Driesen
Putting A Price On Carbon: The Metaphor, David M. Driesen
David M Driesen
This Essay analyzes the characterization of both pollution taxes and so-called cap-and-trade programs addressing greenhouse gas emissions as policies that “put a price on carbon,” a characterization that has come to dominate both policy discussion and much modern scholarship on environmental instrument choice. It shows that the rationale for characterizing cap-and-trade— a quantitative rather than a pricing mechanism— as putting a price on carbon suggests that analysts should likewise treat traditional regulation as a mechanism putting a price on carbon. Treating “market-based mechanisms” as uniquely putting a price on carbon reflects and perpetuates a tendency to see markets and government …
Cost-Benefit Analysis And The Precautionary Principle: Can They Be Reconciled?, David M. Driesen
Cost-Benefit Analysis And The Precautionary Principle: Can They Be Reconciled?, David M. Driesen
David M Driesen
Conventional wisdom teaches us that cost-benefit analysis (CBA) and the precautionary principle conflict. CBA proponents consider precaution incoherent and irrational, while precautionary principle fans see CBA as a threat to environmental protection. Both sides, however, see these two concepts as conflicting. This Article questions the conventional view. It finds no conflict between the precautionary principle, properly understood, and the mere idea of taking costs and benefits into account in choosing environmental standards. The reasoning underlying this conclusion illuminates both concepts. Having revealed the theoretical possibility of precautionary CBA, it uses a case study of the climate disruption issue to begin …