By Frank Ackerman
This can be a transparent, readable first ebook for the non-economist, to begin figuring out the economics round weather switch, and some of the differing arguments through economists.
Unlike weather *science*, the place such a lot genuine scientists agree at the basics, apparently genuine economists have a few primary arguments approximately weather *economics*, even supposing that would be simply because i've got extra publicity to the previous than the latter. it is usually difficult for a layperson studying a brand new subject to grasp even if disagreements are severe or fairly minor.
In any case, it fairly is helping to have a superb assessment of the arguments, earlier than diving into the details.
I've studied the strict assessment, the Nordhaus cube version, Lomborg books, different books, different papers, and different discussions ...
and interpreting this booklet first will surely have kept me effort.
So, commence the following, then pattern his references for different viewpoints.
I in particular beloved his four bumper stickers, which handily summarize the book:
Your grandchildren's lives are important
We have to purchase assurance for the planet
Climate damages are too beneficial to have prices
Some expenses are higher than others
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Additional resources for Can We Afford the Future?: The Economics of a Warming World
4 Climate damages are too valuable to have prices In order to make good decisions about climate policy, do we need more information about the value of the expected damages from global warming, or about the costs of preventing them? The last two chapters presented two strong reasons to conclude that the answer is no. The discount rate, the subject of Chapter 2, dominates any long-term cost–benefit calculation: many climate policies appear to be cost-effective at a low discount rate, while almost none are at a high discount rate.
1 Can we afford the future? Unfortunately, there is little hope of transparent, uncontroversial estimates for the costs of climate policy. Although there are plenty of engineering estimates for specific technologies, a complete picture of the costs of climate protection inextricably involves economic theories as well as empirical data. A conventional economic framework, of the sort described in Chapter 1, tends to overstate the cost of climate protection on several timescales: • in the short run, theories of market equilibrium often deny the existence of costless or negative-cost opportunities for emissions reduction; • in the medium term, the same theories overlook the employment and other benefits that result from climate policies; • in the long term, the most important effect is the pace of innovation in energy technologies, another subject on which conventional economics has little to offer.
This chapter addresses the problems of valuing the benefits of climate policy; the next chapter turns to the costs. Monetary values for the benefits of climate policy tend to under state the urgency of the problem, in two different ways: some of the most important benefits have no meaningful prices; and some Climate damages are too valuable to have prices economic models minimize the benefits by suggesting that a little bit of global warming would be good for us. Expensive, or priceless? The benefits of climate policy are the damages that can be avoided by taking action to reduce emissions (or sequester carbon, or successfully adapt to the unavoidable changes), rather than allowing present trends to continue.
Can We Afford the Future?: The Economics of a Warming World by Frank Ackerman