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Timely, depressingly prescient quote from recent history.

February 22, 2011

From the annals of Environmental Resource Economics – more specifically, their February 2009 special issue on climate economics:

The momentum behind cap-and-trade has been building for a long time of course, but recent developments in the United States, Australia and beyond have cemented its rise. And given the current economic crisis, it is now very difficult to imagine political success for any price instrument that does not create rents for firms.4

4 Although this situation may reverse when the downturn bottoms out and concerns shift to repairing public budgets.

By S. Dietz and D.J. Maddison, “New Frontiers in the Economics of Climate Change.” Ah, the vivid political imaginations of economists! Yesterday, U.S. climate envoy Todd Stern said there would not be a binding climate deal at this year’s summit in Durban, South Africa.

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