July 2, 1999

Until We Know More About Global Warming, the Best Policy Is a Highly Flexible One

By WARWICK J. McKIBBIN and PETER J. WILCOXEN

The heated policy debate about global warming often seems like a Rorschach test: If you're an environmentalist, you advocate quick and significant cuts in carbon-dioxide emissions to prevent the worst-case scenario, which includes more-violent storms, changes in the course of the Gulf Stream, melting of the polar ice sheets, and higher sea levels. If you represent an industry group, you argue against taking any

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