[Illustrations, footnotes and references available in PDF version]
THERE IS a general obligation on policymakers to think first and spend later. It is other people’s money we are spending, and the hard-pressed taxpayer, especially in difficult times, expects those who govern him to use his money wisely.
However, as soon as the label “green” is attached to any proposal to spend our money, policymakers simply switch off their minds and cease to think or check. As a result, some profoundly unwise spending decisions have been made.