Senator John McCain will be battling it out for the Presidency in the November elections and his economic policies come under scrutiny in this article in the Wall Street Journal. I wonder how many A level economics students know that McCain (together with Joe Lieberman) has long been a supporter of cap and trade emissions schemes - favouring the market mechanism as a way of putting a price on carbon to incentivise producers to cut CO2 emissions in the least cost way.

McCain is quoted in the WSJ as saying that

“I am absolutely convinced that innovation, technology, and using the entrepreneurship of America will come up with technologies which will save money, be a boon to our economy, and clean up our environment.” He’s unlikely to get much argument on this from his Democratic opponents; Sens. Obama and Clinton co-sponsored Sen. McCain’s legislation.

The rest of the article can be read here