Nice theory you have there. But is there any experimental evidence that free market environmentalism works?

In that case, in place of policy debates in parliament and election campaigns, you now have a big lawsuit going between Exxon and whoever owns the atmosphere, as well as everyone else with an economic stake in our current climate.

As bad as taxes and regulations are, is there any evidence that court battles and lawyers are more efficient? There isn't a nonzero transaction cost to resolving these things. Is it less costly than legislating a carbon tax?

Furthermore, judges and juries are going to be just as vulnerable to Exxon misinformation campaigns as politicians and voters are today. And with the owners of the atmosphere having a direct financial stake in showing that pollution is harmful to their interests, the research they fund would be even less credible than government funded research.

Does accurately estimating and doing the accounting for the externalities get easier or harder in that kind of a system?