For well over a decade, economists have viewed anthropogenic climate change as a “tragedy of the commons”.
Once financial accountability has been assigned, markets function well. This is the foundation of market-based capitalism: that prices convey the information required to allocate resources efficiently. Our commercial satnav is massively out of date: we ask for a route to Melbourne and are sent on the Great Western Highway.In response, we come up with a range of workarounds to get going in the right direction. Today, the cost of the flight I book to Peru doesn’t at all reflect the world’s complete lack of sustainable aviation fuels – so I buy offsets to try to do the right thing.
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