Economists and policy elites love carbon taxes, but voters dislike them. A new study suggests that ideology has a lot to do with it.
Economists conventionally describe carbon taxes as the most efficient policy tool for curbing greenhouse emissions—with the added benefit of raising government revenue. Political and technocratic elites have recently followed suit in support of the carbon tax with the creation of the bipartisan Climate Leadership Council, which includes among its founding members former Federal Reserve chairs Ben Bernanke and Janet Yellen. More broadly, economists seem fairly uniform in their support for such taxes at the federal level, and in their rejection of other regulatory changes that aim for the same purpose.
The general public also shows increasing support for carbon taxes: 50 percent of Americans in a 2016 survey say they support reducing…