Ontario government’s cap-and-trade plan places politics over policy

Back in 2009, America was pondering a cap-and-trade scheme called “Waxman-Markey,” for the names of its Congressional sponsors. As I pointed out, emission-trading systems have a decent academic pedigree. When done right, they can emulate an eco-tax, considered to be the most efficient (and least economically distorting) approach to pricing

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