Word: systemic
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Dates: during 2010-2019
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...carbon tax enacted by the government, on the other hand, would be weaker than a cap-and-trade system because Congress would be too preoccupied with keeping taxes low, Stavins said...
...trade system is the most practical, cost-effective way for the government to limit carbon emissions, according to a paper recently published by Harvard Kennedy School Professor Robert N. Stavins and University of Manchester Economics Professor Robert W. Hahn...
Their paper concluded that Congress is more likely to pass a cap-and-trade system—in which the government puts a cap on the amount of a pollutant that can be emitted—than a carbon tax, because the cap-and-trade system exhibits the “independence property”—the theoretical and actual ability of a system to keep costs low and environmental performance high...
Stavins said in a recent interview with The Crimson that a cap-and-trade system would be more efficient and less controversial than a carbon tax because limiting the total amount of carbon that corporations emit does not require an equal distribution of pollution limits. He explained that while a carbon tax would be superior in theory, a cap-and-trade system would be more practical when political realities are taken into account...
...paper, Stavins and Hahn used current-day examples—such as the sulfur dioxide trade amendment in Ohio that aimed to substantially reduce acid rain—to prove that the cap-and-trade system would work both in theory and in practice...