I understand that the Austrian response to externalities such as pollution has been gone over many times. I am wondering if anybody knows of any articles that have been written in response to the creation of actual emissions trading schemes that have been popping up in Europe, NZ, shortly Australia, etc? Cheers. ADM
I haven't read much on how the new schemes are being implemented, but there's plenty of work out there looking at older schemes. The most well-known is the SO2 program that the US implemented in the 90s to address acid rain. Here are a couple of articles about it:
http://www.oecdobserver.org/news/fullstory.php/aid/750/Trading_in_pollution.html
http://www.jstor.org/pss/2647033
http://www.blackwell-synergy.com/doi/abs/10.1111/j.1465-7287.1996.tb00615.x
Here's one that is 'less than positive' as someone pointed out on another forum when they were asking this exact question.
Problem is I haven't actually heard any positive feedback on these programs, even by the advocates, and I do listen to a lot of the 'liberal media' on the public radio—which is also where I happened to find out about this particular study by the way.
Warning: link is a pretty large pdf.
Calis, AC, thanks, appreciate it.