Carbon pricing has been criticized by environmental justice advocates on the grounds that it fails to reduce emissions significantly, fails to reduce the disproportionate impacts of hazardous co-pollutants on people of color and low-income communities, hits low-income households harder than wealthier households, and commodifies nature. PERI researchers James Boyce and Michael Ash along with Brent Ranalli argue that designing carbon pricing policy can still yield outcomes that are effective and equitable. They chart a “middle path” working from the “basic ethical principle” that the “gifts of Nature should be shared in equal measure by all.”