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Good luck with that

Saudi Arabia wants monetary compensation from consumer countries if they cut their oil purchases in response to global warming.

Next up, crack dealers want compensation from former customers who get their lives in order.

This is actually a transition issue, akin to those I discuss in my book on the subject. Suffice it to say that the incentive effects (Saudi Arabia would have less need to respond to the risk of declining sales) are almost as appealing as the distributional effects.

Full post as published by Start Making Sense on October 14, 2009 (boomark / email).