An Inconvenient Price

Economics is "the dismal science," in part because it puts a price tag on the pleasure of moralizing. This is pertinent to the crusade, often masquerading as journalism, aimed at hectoring developed nations into taking "strong" actions against global warming. For such nations (developing nations have more pressing priorities), the question, plainly put, is: How much are they willing to pay—in direct expenditures, forgone economic growth, inefficiencies and constricted freedom—in order to have a negligible effect on climate change?