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Reddit mentions of Welfare Economics
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Pigouvian taxes are a big part of free market economics. Milton Friedman and many other free market economists support them. It's not a free market if social and private costs are not equal.
You can quantify the value of an eternality in a number of ways. [This textbook](http://www.amazon.co.uk/Welfare-Economics-R-F- Boadway/dp/0631133275) will provide you with a good introduction. For carbon the UK government has had a go here