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This paper was written with the support of the Economic and Social Research Council, under grant number R ooo 23 3334· Some of the work was done while I was a Visiting Fellow at the Centre for Applied Ethics, University of British Columbia. I am grateful to Wilfred Beckerman, Douglas MacLean, Carol Propper, and Tyler Cowen for taking the time to write very helpful comments, and to Jonathan Escott and Stefano Vettorazzi for some useful points.