Journal of Economic Literature
ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)
The Science, Economics, and Politics of Global Climate Change: A Review of The Climate Casino by William Nordhaus
Journal of Economic Literature
vol. 53,
no. 1, March 2015
(pp. 79–91)
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.53.1.79Additional 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