Conclusion

Abstract

Given the complications surrounding the implementation of many other greenhouse gas reduction programs, a carbon tax— despite its apparent blemishes—emerges as the simplest, easiest, and most straightforward approach. There is obviously no magic bullet in the fight against climate change. Rather, a policy instrument must enable a large number ofpotential greenhouse reduction strategies to emerge. To ferret out all of these strategies—from large-scale construction of transmission lines and nuclear power plants to swapping out incandescent light bulbs for energy-efficient ones—a very broad carbon price must be imposed. An incentive must exist in every nook and cranny of everyday life in which fossil fuels are burned, to empower literally everybody in the world to find ways to reduce or eliminate the amount of carbon dioxide emitted.