Newsmakers

Bill Sundstrom, professor of economics, wrote an op-ed for Huffington Post exploring whether Pope Francis is truly opposed to "cap and trade" systems as an economic tool to discourage polluting emissions. The story ran on the blog Environment Guru as well.

An excerpt from the piece:
The Pope's ambivalence about market-based policies reflects his deep concerns about the down sides of capitalist economic growth, including inequality and environmental degradation. But the climate will not wait around for the revolution to happen. The modern global economy is likely to be driven by market capitalism for the foreseeable future, so it behooves us to harness the strengths of the market to help solve global climate challenge. Although the climate change crisis is the consequence of a colossal market failure, we actually know how to remedy that failure using the very levers of capitalism and markets. Where Francis's stature as a moral leader could play a more constructive role in shaping policy would be in providing guidance on how to implement cap and trade or a carbon tax in a manner consistent not just with economic efficiency and environmental effectiveness, but with global social justice as well. Let's get that discussion started now.

Find the full piece here.

Learn more about Professor Bill Sundstrom.