any policy that reduces the incomes of the very rich will have a positive ecological benefit. And because the excess incomes of the rich win them nothing when it comes to welfare, this can be accomplished without any cost to social outcomes. This position is widely shared among researchers who study this issue. The French economist Thomas Piketty, one of the world’s leading experts on inequality, doesn’t mince his words: ‘A drastic reduction in purchasing power of the richest would therefore in itself have a substantial impact on the reduction of emissions at global level.’
