I believe in externalities, but I don’t think global warming is a very dangerous one….
Say it can be thought about this way:
The size of ‘work’ in the world is 100 Trillion
The size of the fossil fuel carbon expenditure to power that work is 15 Trillion, and that 15 trillion amount is kind of a line item itself within ‘work’ where it co exists with other market segments and social expenditures.
The size of the non-fossil fuel expenditure to power 100 Trillion work would hypothetically be 30 Trillion. It’s cleaner say, but there aren’t as many BTUs per unit to harvest, so it’s more expensive.
I see this as a fairly finite pie, and not elastic. If you spend 15 Trillion more on energy that provides less BTU’s, that money comes from somewhere else and whatever that category is, it suffers along with whatever material wellbeing its attached to, though you still ostensibly have 100 Trillion in ‘work’. I don’t see that being acceptable to people, to the point that I don’t see it as a realistic possibility.
Or you say, we’re just going to expend the same 15 Trillion on clean power, and enforce 15T less in output on the whole. I don’t see that being acceptable to people, to the point that I don’t see it as a realistic possibility.
I just don’t see it.