"So why are we behaving like this?" asks Martin Wolfe of the Financial Times.
"A second reason is opposition to any interventions in the free market. Some of this, no doubt, is driven by narrowly economic interests. But do not underestimate the power of ideas. To admit that a free economy generates a vast global external cost is to admit that the large-scale government regulation so often proposed by hated environmentalists is justified. For many libertarians or classical liberals, the very idea is unsupportable. It is far easier to deny the relevance of the science."
It will be interesting to see the reaction to a commentary that really hits the nail on the head.
HT to Gravity's Rainbow.![]()
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"A second reason is opposition to any interventions in the free market. Some of this, no doubt, is driven by narrowly economic interests. But do not underestimate the power of ideas. To admit that a free economy generates a vast global external cost is to admit that the large-scale government regulation so often proposed by hated environmentalists is justified. For many libertarians or classical liberals, the very idea is unsupportable. It is far easier to deny the relevance of the science."
It will be interesting to see the reaction to a commentary that really hits the nail on the head.
HT to Gravity's Rainbow.