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Policy Durability and Adaptability
The complexity of efforts to reduce greenhouse gas (GHG) emissions and the breadth of change necessary to achieve large reductions mean that the portfolio of U.S. climate change policies will need to be continually evaluated and revised as we gain new information and experience. Devising an optimal long-term policy portfolio from the outset is unlikely, because many of the policies that need to be enacted have never been tested at the national level, and also because climate policies cut across virtually every sector of the economy and are likely to interact in unexpected ways. It is therefore crucial that any major climate change policies enacted by Congress include flexible, adaptable mechanisms for responding to new information.
In contrast, airline deregulation enhanced efficiency, destroyed the old institutional structure (centered on the Civil Aeronautics Board), and fostered a market-led reorganization of the industry. Old carriers entered bankruptcy; new low-cost carriers, empowered by a deregulated environment, were created. It soon became clear that it would be pointless to try to reverse deregulation, discouraging efforts to do s
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