Human activity induced climate warming is one classic example of a market failure. Left unchecked, the current global carbon market will fail as earth slowly stops supporting human life. Note that a majority of those with familiar with the economics of this issue back the idea of a revenue neutral carbon tax. The current and historic market externalization of the cost of carbon in the atmosphere has been and continues to be a form of theft of the common good, of violence towards the planet and all those living in it – including you the reader. The creation of such a Pigovian tax is a tried and good way to stop the steal without creating bigger government – a revenue neutral carbon tax does not create bigger government.
Destroying the earth’s ability to sustain life is theft – it is violence. It is not right action.