“Acceptance of the Stern Review implies acceptance of a moral system that suggests we should be maximizing global utility and that suggests utility is closely related to income but with a declining marginal return. Once this system is accepted, it is impossible to avoid the conclusion that considerable global redistribution of income is a moral imperative. That the Stern Review has been so widely accepted suggests that belief in such a moral imperative may be spreading.”
Charles has a rather unusual disclaimer;
This is a note of no standing which may not represent the more considered views of the author, let alone his employer.
Via Felix Simon
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