This paper considers and assesses the concept of social externalities through humaninterdependence, in relation to the economic analysis of externalities in the tradition of Pigou andArrow, including the analysis of the commons. It argues that there are limits to economic analysis. Our proposal...

The social cost of carbon is the central economic measure for aggregate climate change damages and functions as a metric for optimal carbon prices. Previous literature shows that inequality significantly influences the level of the social cost of carbon, but mostly neglects a major source of...

While little agreement exists regarding the taxation of bequests in general, there is a widely held view that accidental bequests should be subject to a confiscatory tax. We propose to reexamine the optimal taxation of accidental bequests in an economy where individuals care about what they...