In the past, this has lead to substantial inefficiencies, raising the cost of climate policy and over time eroding political support. Now it becomes increasingly clear that it also fails to achieve its ambitious targets. We look at selected policies and analyze how the "planning mindset" neglected important constraints and led to ever more detailed regulation --- often strangulating the very innovations needed to combat climate change. We argue that in many instances a greater reliance on markets and prices can increase efficiency.
About the Speaker: Prof. Dr. Dr. h.c. Franz Wolfgang Hubert earned his PhD at Freie Universität Berlin. He taught at Technische Universität Berlin before he joined Humboldt-Universität zu Berlin in 2000 as head of the Heinz Nixdorf Chair. Here he initiated dual degree programs and headed for a long time the Master in Economic and Management masters program. As a guest professor he taught industrial organization and finance at Higher School of Economics in Moscow from which he received an Honorary Degree in 2003. His research covers a wide area of applied microeconomics (real estate markets, financial contracts and energy markets).
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