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U.S. Should Act Unilaterally on Climate Change

Jan. 24 (Bloomberg) -- As his second inaugural address made clear, U.S. President Barack Obama is committed to taking action to reduce greenhouse-gas emissions and thus to confront the threat of climate change.

There are plenty of bad objections to taking such action, and we will be hearing a lot of them in the weeks and months to come. Yet one criticism -- let us call it the Sophisticated Objection -- deserves respectful consideration, not least because answering it will help us to specify the steps we ought to be taking.