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 transformation will depe…

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