Why on earth are people's lives being valued differently depending on the country they live in?
putting the cost of carbon at $51 a ton, methane at $1,500 a ton, and nitrous oxide at $18,000 a ton.
But there’s a problem. Several problems, in fact. The way that the EPA came up with this number, and what it fails to take into account, raises some profound ethical questions.First of all, it’s worth getting into why federal agencies have a use for this number in the first place. In 1981, the Reagan administration issued, which mandated that all “major regulations”—which Reagan defined as having an annual economic impact of $100 million dollars or more—be evaluated using cost-benefit analysis.
Because the social cost of greenhouse gases is intended for use in cost-benefit analysis, the estimate is based on the inherently problematic “willingness to pay.” Willingness to pay is how cost-benefit analysis tries to represent in dollars how much people value the reduction of various kinds of risks in their life, like the risk of asthma, or a workplace injury, or cancer or premature death.
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