Michael Greenstone has the résumé of somebody who should be despondent over Washington’s failure to pass a climate bill. An environmental economist who worked in the Obama White House, he is now back to being an M.I.T. professor and also runs the Hamilton Project, the well-connected, Democratic-leaning research group.
But Mr. Greenstone is not despondent. He thinks the benefits of the bills that died in the Senate — which would have raised the cost of carbon emissions, through a system known as cap and trade — were sometimes exaggerated.
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