Ambitious measures to reduce carbon emissions are all too rare
in reality, impeded by economic and political concerns rather than
technological advances. In this collection of essays, Frank
Ackerman and Elizabeth A. Stanton show that the impact of inaction
on climate change will be far worse than the cost of ambitious
climate policies.
After setting out the basic principles which must shape
contemporary climate economics, Ackerman and Stanton consider
common flaws in climate change policy from mistaken assumptions
that dismiss the welfare of future generations and anticipate
little or no growth in low-income countries, to unrealistic
projections of climate damages that dismiss catastrophic risks and
offer their own insightful remedies. They question the usefulness
of conventional integrated assessment models (IAMs) that model the
long-term interaction between economic growth and climate change,
and propose an alternative in their Climate and Regional Economics
and Development (CRED) model.
In this incisive work, Stanton and Ackerman offer a timely and
original contribution to the fields of climate economics and global
equity."
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