Pigovian Rubber Hits the Road, er, Tarmac

Greg Mankiw must be thrilled. Gordon Brown is not only a member of the Pigou Club, he is taking Pigovian taxes primetime, as this WSJ editorial points out. I think I urged us to let the Europeans do this first in order to see if it takes them anywhere near a large precipice. So, I continue to counsel patience and let the evidence gather as to how destructive or beneficial the ghost of Pigou is in practice. While I'm at it, let me propose an alternative to the Pigou Club.