TITLE

THE ROLE OF CARBON TAXES IN ADJUSTING TO GLOBAL WARMING

AUTHOR(S)
Pearce, David
PUB. DATE
July 1991
SOURCE
Economic Journal;Jul91, Vol. 101 Issue 407, p938
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article examines the role of carbon taxes in adjusting to global warming. There are major advantages of a carbon tax over the general alternative of regulating emissions through conventional command and control policies. A carbon tax would be set on the basis of the carbon content of fossil fuels. The double dividend feature of a carbon tax could be extremely important in the international context. Carbon taxes act as a continuous incentive to adopt ever cleaner technology and energy conservation. Carbon taxes can be easily modified as new information comes to light. One of the disadvantages of carbon taxes is that these taxes themselves will impose a deadweight loss which has to be set against the gain from the reduced externality from global warming. If the taxes are to have any incentive effect on energy conservation and inter-fuel substitution they must be non-marginal and therefore cannot be estimated reliably by partial equilibrium approaches, general equilibrium approaches are required.
ACCESSION #
4531951

 

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