19 May '11, 12am

Is it really possible to have consumers pick which fuel technologies will win?

Is it really possible to have consumers pick which fuel technologies will win?

This article is hopeless. Societal economics is no better equipped to handle the indirect costs of pricing, and many of the proponents of societal economics (Pigou in particular) warned against using arbitrary pricing and artificial government scarcity to calculate the costs of negative externalities. The appropriate way to handle negative externalities is to continue market pricing (without subsidies) and then let our civil system decide the value of negative externalities via litigation, arbitration, and private contract. There are a lot of interesting debates about the effectiveness of the system, but those are not a condemnation of markets. Let's suppose Congress decided that the cost of PM was $1 per gallon, and they taxed oil producers $1 for every gallon they sold. Who pays that tax? Consumers. Who suffers do to particulate matter? Consumers. Given the number of peo...

Full article: http://green.autoblog.com/2011/05/18/possible-to-have-con...

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