The economic effects of a worldwide tax on greenhouse gas (GHG) emissions
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Climate change is a global environmental externality. Its impacts are indivisibly spread around the world, affecting many economic activities. Its costs are not accounted for by markets and the benefits of mitigating its impact cannot be divided and claimed by any one country. Carbon taxes, by taking the social costs of climate change into account, can provide incentives for reducing emissions, with global trade helping to combat climate change. This presentation analyzes the economic effects of optimal climate action induced by a worldwide tax on greenhouse gas emissions.
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