In Germany, which has generously subsidised renewable energy, big firms such as Siemens have stressed they will press ahead with their ambitious plans to invest in greenery in spite of the disappointing outcome at Copenhagen.

ECONOMIST: Business comes to terms with a disappointing outcome

Instead, new employees join defined-contribution schemes, which are much less generously funded.

ECONOMIST: Pensions

Only with such a wakeup call can we possibly avert the college public subsidy bubble about which Mr. Barone has generously warned.

FORBES: How to Prevent a Student Loan Debacle. And Save Education in the Process.