Ronald Bailey on Whether a Carbon Tax Can Solve Man-Made Global Warming

Last week, the U.S. National Climate Data Center declared that 2012 was the warmest year on record for the lower 48 states by a healthy margin. In fact, 2012 was more than 3 degrees Fahrenheit warmer than the 20th century average and 1 degree warmer than the previous record year of 1998. In addition, the National Oceanic and Atmospheric Administration flatly declared, "Climate change is already affecting the American people" and it is "primarily driven by human activity."

The balance of the scientific evidence currently bears this out. So if it's true that man-made global warming will cause significant problems for humanity, what should be done about it? Reason Science Correspondent Ronald Bailey examines whether carbon taxes are a good way to protect third parties from suffering uncompensated damages from man-made climate change.