Read: "Climate Change, Innovation, and Economic Growth: The Contributions of William Nordhaus and Paul Romer," Anders Fremstad, Luke Petach & Daniele Tavani (2019), Review of Political Economy.

The DICE model of the cost of climate change developed by Norhaus includes two components: an estimate of the impact of the increase in global mean temperatures on economic output, and the total cost of emissions reductions.

The most recent estimate of the social cost of carbon (the optimal carbon tax) as $43 (or .43 cents per gallon of gas) in 2020 (Fremstad, et. al. pg 5). The assumption is that the carbon tax and future increases in the carbon tax should lead to reduced emissions. In a clearly reasoned argument, discuss your own assessment of whether this policy aimed at reducing the consumption of gasoline would be adequate to reducing carbon emissions. Please include clear reasoning in your discussion.