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Commentary: Carbon credit trading, the green movement and the demise of Milton Friedman

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re: Commentary: Carbon credit trading, the green movement and the demise of Milton Friedman
Kev-bo   8/26/2008 5:12:30 PM
Milton Friedman wouldn't have been at odds with the green movement. Like all good economists, he deemed carbon footprints and other forms of pollution as externalities. Externalities are costs/impacts thrust on parties not directly involved in an economic decision. In economics-land (even monteterist, free-market economics), externalities are recognized as a free-market problem and are typically mitigated by "internalizing" some of the third party costs associated with the economic transaction. Carbon and general pollutions "offsets" are a reasonnable way of internalizing some of the associated costs and enabling parties to make economic decisions about how much to pollute, so long as the offsets have some meaningful cost associated with them.

legs ortiz
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re: Commentary: Carbon credit trading, the green movement and the demise of Milton Friedman
legs ortiz   8/26/2008 4:14:44 PM
Thank you Mr. Glubiak for the promotion of carbon trading and green business motives. However, I believe Friedman's philosophy may be a thing of the past, like him. Why? It does not adequately provide for the changing global situation. And, today employees are searching for a more efficient,equitable as well as satisfying way to live life - meaning that the profit motive is not enough. There is theory behind this revision and it is called civil economy or a popular variation is called "partnership economics". Basically, this means that capital is considered not only on financial investment, but spread through valuation of human capital, environmental capital and overall return to society or the common good. Google: Stefano Zamagni - Economist in Bologna, Italy.

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