Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:26 am EDT -
Sinking Animal Spirits
Apr 27 20098:45 am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:00 am EDT -
Be Your Own Counterfeiter
Apr 26 20099:36 am EDT -
Being Tim Geithner
Apr 25 200912:37 pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:41 am EDT -
What Good is the News?
Apr 25 20098:32 am EDT -
Stressful Enough
Apr 24 20092:29 pm EDT -
Not Regretting the Pound
Apr 24 20091:09 pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:47 am EDT
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Barack Obama Gets it Right on Cap-and-Trade
It's great news that the centerpiece of Barack Obama's energy plan is a 100% auction cap-and-trade mechanism. Ryan Avent and Peter Dorman have some niggles, which are on point, but the big picture – that a cap-and-trade system should be based on auctioning permits rather than allocating them – is the main thing, and I look forward to the presidential candidates from both parties following Obama's lead on this one.
It would be interesting to see what Mark Gimein thinks. Gimein, guest-blogging at Time.com, describes a carbon tax as "one bad way to fight global warming that both Democrats and Republicans love". I'm not at all sure that a carbon tax is loved by either side of the aisle, and I'm not sure that it's a bad way to fight global warming, either. But if you ask someone like Greg Mankiw, he'll tell you that the differences between a carbon tax and a 100% auction cap-and-trade system are really pretty small. So if the former is a bad idea, does that make the latter a bad idea as well?
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