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from Part II - Economics
Published online by Cambridge University Press: 19 March 2023
At any moment in time, you can ride a bike with least effort by cycling in first gear. But if you want to ride around the block with least effort, first gear will not be ideal. By failing to distinguish between these two different situations, economists have recommended the worst possible climate change policy to governments. Contrary to their belief, emissions trading will achieve decarbonisation at maximum cost, and minimum speed.
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