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  5. The Science, Economics, and Politics of Global Climate Change: A Review of The Climate Casino by William Nordhaus

The Science, Economics, and Politics of Global Climate Change: A Review of The Climate Casino by William Nordhaus

  • Adam B. Jaffe
  • Suzi Kerr
Journal of Economic Literature
vol. 53, no. 1, March 2015
(pp. 79-91)
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Abstract

The problem of global climate change presents overwhelming factual, analytical, and normative challenges. Nordhaus surveys this terrain bravely and mostly successfully. He explains the scientific/economic consensus that the planet is warming, that people are responsible, that the consequences are bad, and that immediate action is benefit/cost justified. He also discusses the efficient policy response, and the challenges of achieving coordinated global action. His approach is mostly that of standard neo-classical economics, and some of the limitations of that paradigm in this context are not addressed. But overall, The Climate Casino provides an excellent self-contained introduction to the subject. ( JEL D61, H23, Q51, Q54, Q58,D72)

Citation

Jaffe, Adam B., and Suzi Kerr. 2015. "The Science, Economics, and Politics of Global Climate Change: A Review of The Climate Casino by William Nordhaus." Journal of Economic Literature, 53 (1): 79-91. DOI: 10.1257/jel.53.1.79

Additional Materials

JEL Classification

  • D61 Allocative Efficiency; Cost-Benefit Analysis
  • D72 Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
  • H23 Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies
  • Q51 Valuation of Environmental Effects
  • Q54 Climate; Natural Disasters and Their Management; Global Warming
  • Q58 Environmental Economics: Government Policy