Robert Murphy says the "market solution" for climate change that the U.S. Senate is debating actually has nothing to do with the free market:
As the U.S. Senate debates climate change legislation this week, many have proclaimed the virtue of its “cap and trade” system as a “market solution” to reducing carbon emissions. Nothing could be further from the truth.
Unlike a direct tax, cap and trade is a European-style scheme that masks its negative consequences on the economy behind the rhetorical benefits of new government programs designed to help us. In truth, neither is good for consumers or the economy, but a closer look reveals why so many politicians find comfort in cap and trade.
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