To paraphrase Al Gore, it’s an inconvenient reality in the climate debate that the wealthy nations and individuals who contribute most to climate change are the last to feel its effects. Floods, droughts, heatstroke, and wildfires are already ravaging Pacific Islanders and American outdoor workers, but the incentives to reshape capitalism in a greener direction are frankly tricky, as the status quo is extremely profitable. Now a state university in New England that is increasingly carving out a reputation as a hotbed of progressive research has a typically provocative argument about how to solve it: Use the economic theory of Milton Friedman.
Not only do the rich consume much more carbon-intensively than the poor, given their means to engage in high-emitting activities like flying in private jets, owning multiple homes, and eating lots of meat, but they also disproportionately benefit from climate-destroying investments, the researchers find. The study, recently published in PLoS One, lays a major slice of emissions at the feet of the one percent, and suggests taxing the shareholder class as one way to curb the influence of fossil-fuel companies.
