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Here’s something definitely worth watching: the UK is considering a massive pilot project to make drivers pay to use the roads.  And not just on a few selected highways—the system would effectively turn every street and highway in Great Britain into a toll road. (Here’s a link—but the article is subscription only.  Sorry.)  Tolls would vary based on the kind of road, the number of miles driven, and the time...

Prices influence billions of decisions every day. But they often ignore social and environmental effects, yielding prices that are sometimes too high and sometimes too low. To correct these flawed economics, we can tax “bads” rather than goods such as paychecks; make the polluter pay through fees and permits; and align markets with public goods.