Earlier quoted context omitted.
So what you're saying is that we should tax carbon so that it correctly reflects the externalities and let the market sort it out from there? Because currently capitalism has no interest in emissions because they don't cost anything. But that is a failure of capitalism, or at least our current incarnation of it. And it needs fixing to be part of the solution. You could blame government for not fixing the flaw, but th…
> So what you're saying is that we should tax carbon so that it correctly reflects the externalities and let the market sort it out from there? I think carbon pricing is a great idea from what I've learned about it. Though, I disagree with you that the lack of carbon pricing is the fault of capitalism and I feel like you are kind of making that argument by saying that emissions don't cost anything so how would a mark…
2.capitalism is about valuing things to allow / encourage efficient allocation.
There is a cost to pumping co2 into the atmosphere. Capitalism doesn't take that into account. And as that is what it should be doing, failing to do so is a failure of capitalism.
Now the government could (and should) step in to fix that failure. Their failure to step in is a different failure, the root failure is with capitalism, the governments failure is a failure to step in and fix it.
It's like if my house catches on fire and the fire service turns up without any hoses. That is a failure of the fire service. If this becomes a widespread problem and the fire service shows it isn't capable of fixing itself then the govt should step in to fix it. But any failure by the govt to step in is a failure of oversight not of failing to put my fire out.