THERE is an entire cannon of western philosophical thought, dating back to John Locke and John Stuart Mills, that explains why the prosperity of a nation is not so much linked to its natural wealth, but rather the proper functioning of markets.
In On Liberty, perhaps John Stuart Mill’s most famous treatise published in 1859, he argues that:
“… the only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others. His own good, either physical or moral, is not a sufficient warrant.”
[Read more…] about Carbon Credit Market is Neither Free nor Worth Anything: Jo Nova
Jennifer Marohasy BSc PhD has worked in industry and government. She is currently researching a novel technique for long-range weather forecasting funded by the B. Macfie Family Foundation.