This is CBS, I on the world. I'm John Bachelor. Markets, mandates and incentives for the environment.

I welcome Terry Anderson, my

colleague of many years. He's a John and Jean-Denalt senior fellow at the

Hoover Institution presenting with his colleague Dominic Parker, the Eileen and Morton Harris Senior Fellow at the

Hoover Institution, also professor at the University of Wisconsin, about this idea of the environment and how to move the story when there are disagreements and when

there are agreements. Terry, a very good evening to you.

The need for this is that we're in the middle of a

transformation, a conversation about green. And green is something that is a

technology. It's also a mind melding of people who agree on one hand for anything goes,

make them do it.

The other hand, people wait and see, maybe that's too expensive or maybe it's too early or maybe it's

overboard. How do you balance these matters of mandates and incentives.

Good evening to you, Terry.

Good evening, Don, and thank you.

Pleasure to be with you.

The important part or starting point for this discussion I think is as Kermit the frog was

fond of saying it isn't easy being green and it isn't easy being green in that

there are always trade-offs for environmental concerns.

So if you, for example, in Europe, the wolves have come back in a way that that now many of the

cattle and sheep growers are saying why we have too many wolves and and there

therein is a trade-off.

Do you have wolves that can be predators and do things that wolves do?

...