Kyoto costs a lot, does nothing to prevent calamity, and…
“Kyoto costs a lot, does nothing to prevent calamity, and pays no compensation in the event of loss. If my insurance broker offered that sort of policy, I would not carry insurance. Instead what my broker offers is a policy that costs a little and pays full compensation in the event of loss. If someone wants to propose that as a policy on global warming, I'm all in favour.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
High-cost, ineffective climate policies are wasteful; low-cost, full compensation policies are preferable.
In simple terms: Expensive policies that do nothing are bad; cheap, full‑pay policies are good.
Key Takeaway
Choose efficient, fair climate policies.
Themes
climate policy
economics
risk management
insurance
Mood
critical
pragmatic
Type
policy
analysis
When to use this quote
- government budgeting
- insurance underwriting
- public advocacy
- environmental legislation
Key Concepts
cost‑benefit analysis
moral hazard
policy design
Questions to Reflect On
- How can we balance cost and coverage in climate policy?
- What safeguards prevent abuse of full‑compensation schemes?
A Different Perspective
Cheap policies may under‑price risk, leading to moral hazard.