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Paying Too Much for Energy? The True Costs of Our Energy Choices

Michael Greenstone and Adam Looney

Daedalus, Vol. 141, No.2, pp. 10-30, 2012

Michael Greenstone and Adam Looney, Daedalus, Vol. 141, No.2, pp. 10-30, 2012

Energy consumption is critical to economic growth and quality of life. America's energy system, however, is malfunctioning. The status quo is characterized by a tilted playing field, where energy choices are based on the visible costs that appear on utility bills and at gas pumps. This system masks the "external" costs arising from those energy choices, including shorter lives, higher health care expenses, a changing climate, and weakened national security. As a result, we pay unnecessarily high costs for energy. New "rules of the road"

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