In December talks in Paris involving more than 200 countries may result in a new agreement aimed at reducing carbon emissions. In the months leading up to the conference, The Economist is publishing guest columns by experts on the economic issues involved. Here, Arthur van Benthem (pictured at left) of the University of Pennsylvania and Mathias Reynaert (at right) of the Toulouse School of Economics explain why a fuel tax is a more efficient way to reduce emissions from vehicles than fuel-economy standards.
TRANSPORT is responsible for about 20% of global greenhouse gas emissions. To save the climate, transportation is an obvious and visible target for regulators. Fuel-economy standards, requiring a minimum sales-weighted average miles per gallon (mpg) rating of new cars, are a popular tool around the world. In August 2012, president Barack Obama touted his new fuel-economy standard of...Continue reading
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