An Interesting Article on Global Warming – Ed O’Rourke

This is a fine article.  See the following excerpts and then download the commentary.

Sincerely,

Ed

The fundamental problem is that free markets can’t solve environmental problems. Most environmental problems are externalities, or costs imposed on people who are not part of the transaction. Climate change is a classic externality—if you consume a gallon of gas or a kilowatt of electricity, the resulting carbon dioxide causes climate change everywhere, thereby imposing costs on everyone in the world. The costs of this climate change are not paid by the consumer, so this is a hidden subsidy of fossil fuels.

Following the (Milton) Friedman Doctrine, corporations work hard to ensure that our government is not able to regulate. They funnel enormous quantities of money into the political process. This includes lobbying for preferred legislation and working to elect candidates who, once in office, return the favor by passing laws that support continued use of fossil fuels.

Today’s economy does not create wealth that makes everyone better off, but rather generates enormous benefits for corporations while generating few benefits or even net harms for everyone else.

How greed and politics are slowing the switch to renewable energy

https://thebulletin.org/2022/01/how-greed-and-politics-are-slowing-the-switch-to-renewable-energy/

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