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This is Planet Money from NPR.
Kenny, when economists consider the problem of climate change, you know what kind of problem they see?
Economic problem would be my guess.
Keith?
Yes, yes, 1000% an economic problem.
Because when they look at climate change wearing their economics tinted glasses, what they see is a classic market failure.
So to fix climate change, all you have to do is fix the market.
Yeah.
And, you know, look, the idea is that for the most part, these big polluting companies and, you know, regular people driving their cars, they're doing damage to the climate that they do not pay for directly.
But perhaps if they did pay for all that damage, they would start making some different choices, methinks.
Yeah, the price of emitting carbon is too low.
So one thing you could do is raise the price by slapping on a carbon tax.
This solution is kind of economist's favorite, but carbon taxes, tough sell politically.
New taxes, not always that popular, which.