Carbon: Tax, Trade, or Deregulate?

Lynne Kiesling, Ronald Bailey and Fred L. Smith debate on climate policy, Reason.com (link)

"From an economic perspective, the problem of climate change is twofold. First, there are incomplete and uncertain property rights in the air. It’s ludicrous to imagine us each walking around with a bubble over our heads so that we can only breathe and use the privatized air sphere around us. Second, there’s a large number of affected parties. In the limit, some would argue the entire planet is affected."