Let the free market work

Terry Anderson and Donald Leal take onClimate Policy: Adaptation, Not Mitigation (Part I, Theory). They take a look at the tragedy of the commons and how many complex problems can find practical solutions in a dynamic environment driven by free market principles.

Rather than simply throwing up our hands in despair with respect to what appear to be intractable problems of establishing property rights and encouraging markets in regard to global climate, we turn to a major theme of free-market environmentalism—dynamic markets provide the best hope for human interaction with dynamic environments.

The key here is that of using a dynamic system to respond to a dynamic problem. This is not about using static (i.e. governmental regulation and mandate) to fix a ‘real soon now’ problem that may never occur. 

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