Confronting climate change will require a large-scale reduction in the emission of carbon into the Earth’s atmosphere. In the field of economics, the textbook solution to that problem is to tax carbon. But a policy that relies primarily on taxes may not offer the best route toward a low-carbon future. “The key to reducing carbon emissions is to transform the way we produce energy,” says Daron Acemoglu, professor of economics at Massachusetts Institute of Technology. That...

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