The Ethics of Efficient Markets and Commons Tragedies: A Review of John Broome's Climate Matters: Ethics in a Warming World
Journal of Economic Literature
vol. 52,
no. 4, December 2014
(pp. 1135-41)
Abstract
What are the ethical implications of our contributions to global warming on an individual level? In his extended essay, John Broome analyzes the moral implications of our imposing damages on future generations through our greenhouse-gas emissions. He argues that we as individuals owe restitution to those who are in the future damaged by these unjust acts. He suggests that restitution can be accomplished by completely offsetting emissions and thereby having a zero carbon footprint. This review examines the force of his arguments and suggests that off-setting emissions on an individual basis is an imperfect substitute for collective action or more encompassing contributions to those hurt by our externalities. (JEL D63, Q21, Q54, Q58)Citation
Nordhaus, William. 2014. "The Ethics of Efficient Markets and Commons Tragedies: A Review of John Broome's Climate Matters: Ethics in a Warming World." Journal of Economic Literature, 52 (4): 1135-41. DOI: 10.1257/jel.52.4.1135Additional Materials
JEL Classification
- D63 Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- Q21 Renewable Resources and Conservation: Demand and Supply; Prices
- Q54 Climate; Natural Disasters and Their Management; Global Warming
- Q58 Environmental Economics: Government Policy