It feels like we are headed into a new medieval era of sumptuary laws and moral decrees promulgated by a decentralized international clerical-academic class. I don't think I like it very much
Right. Prices, not arbitrary bans, are the correct way to incorporate externalities in the costs of a product. People are far too happy to promote ad-hoc bans of all sorts of arbitrary things without creating any kind of general incentive structure that would automatically optimize the metrics of interest. The result is malinvestment, economic inefficiency, and global poverty. The problem is that the externality is s…
They are price insensitive for the most part. Their yachts and personal airplanes don't make a dent in their billions of assets.
I still support carbon taxes as a source of investment for sustainable transition.
https://www.oxfam.org/en/press-releases/carbon-emissions-ric...