Originally Posted by pvn
Dude, this "market" only exists because of regulatory intervention. You couldn't come up with something further from a "real market" if you tried.
But if you actually look at it, the market functions are working as expected given the constraints the creators put on it. It's just that they don't understand how markets work so they expected a different outcome.
Who fought for and shaped this allegedly-not-a-real-market? Was it the tree-hugging hippie scientists, or was it the polluting industries themselves seeking the least regulation possible?
When mandatory limits are in place and they fail, you can blame faulty regulations. When a market solution proposed by business and economists fails, that's on them. The market they fought for had a failure.