Putting a tax-based price on carbon emissions would be, literally and figuratively, a bold and explicit valuation of life itself–both of biodiversity’s preservation and of its fundamental elemental building block. It’d be nice if we could get some significant explicit value ascribed to the natural world after all this time. Putting Pigou to work on the cornerstone of biology might be an attempt to quantify something invaluable–but the unfortunate reality is that without a number, neoliberal capitalism defaults its value to zero and we all suffer a tragedy of the commons. But, oh yea, Friedman’s article is about the budget. Just think of the REVENUE and incentive to innovate! Come on you instrumentalist utilitarians, push for the win-win-win-win-win. Waxman can’t do it alone.
A hybridized market-based carbon credit trading system with a tax-based “catch-all” (like the one developed by McKibbin and Wilcoxen discussed at greater length here) could also satisfy eco-egalitarians still left wanting and free marketeers looking for a new generation of economic value. A carbon price would be precautionary move toward humanity’s softer treatment of the Earth and a proactionary incentive for technoscientific innovation toward progress as sustainability.
The sequester is just obdurate silliness anyway.
Let’s get it together, humans.