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Gernot Wagner@gwagner.com |
Regular reminder that every barrel of oil, every ton of coal causes more in external damages than it adds value to GDP.
www.nytimes.com/2024/04/12/c...
3 replies 25 reposts 56 likes
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@keja.bsky.social
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Is there a good reference for this?
1 replies 0 reposts 0 likes
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Tom Barson
@tbarson49.bsky.social
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Political damage is also an externality.
0 replies 0 reposts 0 likes
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Gernot Wagner
@gwagner.com
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And just in case there's any doubt: No, raising the cost of drilling doesn't increase the price of gas at the pump. Short of some path-through delays, the price at the pump gets set competitively based on the price of oil, which in turn is set on a rather well-integrated global market.
1 replies 0 reposts 4 likes