Given the debate over BCโs carbon tax, we thought we would search about for some expert opinion on carbon emission policy. Few leading thinkers present the issue as an either/or carbon-taxes-or-cap-and-trade option. Most policy analysts favour using bothย instruments.
An exception is Dr. William Norhaus, theย renowned Professor of Economics at Yale University,ย whoย recently called forย โan internationally harmonized system of carbonย taxes.โ
This, Nordhaus said, would be much more efficient than an international patchwork of emissions caps; small countries wouldnโt have to worry about achieving certain emissions levels and the system would be much less prone to corruption orย cheating.
Most importantly, Nordhaus said, Taxes, โwhile hated,โ are a long-standing and โprovenโ financialย instrument.
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