The Incredible Economics of Geoengineering

The focus of climate policy so far has been on reducing the accumulation of greenhouse gases. That approach, however, requires broad international cooperation and, being expensive, has been hindered by free riding; so far, little action has been taken. An alternative approach is to counteract climate change by reducing the amount of solar radiation that strikes the Earth—“geoengineering.” In contrast to emission reductions, this approach is...