Frank Ackerman is a senior economist at the Stockholm Environment Institute’s U.S. Center at Tufts University. His book Priceless: On Knowing the Price of Everything and the Value of Nothing (New Press, 2005) is a widely cited critique of cost-benefit analysis and its abuse in U.S. environmental policy.

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Worldwide, there is a growing consensus that strong action is needed to reduce carbon emissions. European Union (EU) governments have begun large-scale policy initiatives to do so; the United States lags behind but has finally begun a serious debate about proposals for climate legislation. Yet at their best, both EU and proposed U.S. policies …

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