The Obama administration calculated a figure for the social cost of carbon dioxide of $47 per metric ton of CO2, while the Trump administration revised this figure to $1 to $6. Some of the discrepancies arose from disagreements about whether to include the global benefits of cutting carbon emissions or only domestic benefits. What economic justification might there be for including global benefits in the social cost of carbon used in developing policies for the U.S. population? What reasons might there be for excluding global benefits?

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Economic Justification for Including Global Benefits Global Externality Climate change is a global p... View the full answer