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The recent Supreme Court decision limiting the Environmental Protection Agency’s regulation of carbon dioxide emissions as a pollutant engages Milton Friedman’s thinking on the issue of climate change. Friedman, conservative economist and author of “Capitalism and Freedom,” recommended that emissions be taxed, not regulated. He said that “to impose a tax on the amount of pollutants emitted by [for instance] a car,” would make it in the self interest of car manufacturers and consumers to keep down pollution.
Deloitte estimated the gain to the U.S. economy from decarbonizing to be $3 trillion. If we do nothing, the cost is $14.5 trillion. Decarbonizing the economy, including transportation and the heating and cooling of…