Although the negotiation of the Kyoto Protocol focused world attention on the global climate, it was just one step in the ongoing process of addressing climate change in all its facets. Research by the UN's Intergovernmental Panel on Climate Change (IPCC) has been ongoing since 1988. An extensive IPCC Working Group report published in 1995 examined the economic and social aspects of climate change. In this volume, eminent analysts assess that IPCC report and address the questions that emerge from it. The result is an instructive and cogent look at the realities of climate change and some methods (and difficulties) of dealing with them. William Nordhaus's introduction establishes the context for the book. It provides basic scientific background on climate change, reviews the IPCC's activities, and explains the genesis of the analyses. Subsequent contributions fall into two categories. Early chapters review analytical issues critical to social and economic understanding of climate change. A second set of chapters address specific economic questions surrounding climate-change policy. The result is an original and significant contribution to the evolving debate on this crucial hot-button topic.

From a Nobel Prize–winning pioneer in environmental economics, an innovative account of how and why “green thinking” could cure many of the world’s most serious problems—from global warming to pandemics Solving the world’s biggest problems—from climate catastrophe and pandemics to wildfires and corporate malfeasance—requires, more than anything else, coming up with new ways to manage the powerful interactions that surround us. For carbon emissions and other environmental damage, this means ensuring that those responsible pay their full costs rather than continuing to pass them along to others, including future generations. In The Spirit of Green, Nobel Prize–winning economist William Nordhaus describes a new way of green thinking that would help us overcome our biggest challenges without sacrificing economic prosperity, in large part by accounting for the spillover costs of economic collisions. In a discussion that ranges from the history of the environmental movement to the Green New Deal, Nordhaus explains how the spirit of green thinking provides a compelling and hopeful new perspective on modern life. At the heart of green thinking is a recognition that the globalized world is shaped not by isolated individuals but rather by innumerable interactions inside and outside the economy. He shows how rethinking economic efficiency, sustainability, politics, profits, taxes, individual ethics, corporate social responsibility, finance, and more would improve the effectiveness and equity of our society. And he offers specific solutions—on how to price carbon, how to pursue low-carbon technologies, how to design an efficient tax system, and how to foster international cooperation through climate clubs. The result is a groundbreaking new vision of how we can have our environment and our economy too.

Global climate change has emerged as one of today's most challenging and controversial policy issues. In this significant new contribution, a roster of premier scholars examines economic and social aspects of that far-reaching phenomenon. Although the 1997 "summit" in Kyoto focused world attention on climate, it was just one step in an ongoing process. Research by the U.N.'s Intergovernmental Panel on Climate Change (IPCC) has been ongoing since 1988. An extensive IPCC Working Group report published in 1995 examined the economic and social aspects of climate change. In this new volume, eminent economists assess that IPCC report and address the questions that emerge. The result is a reasoned, cogent look at the realities of climate change and some methods (and difficulties) of dealing with them.

William Nordhaus's introduction establishes the context for this book. It provides basic scientific background, reviews the IPCC's activities, and explains the genesis of the project. Subsequent contributions fall into two categories. Early chapters review analytical issues critical to social and economic understanding of climate change. For example, Granger Morgan looks at how typical decisionmaking frameworks relate to this topic. Other chapters in this section discuss discounting and intergenerational equity, the possible role of cost-benefit analysis, and the institutional architecture needed to address the problem effectively.

A second set of chapters address specific economic questions surrounding climate-change policy. For example, John Weyant and Tom Kram look at the costs of slowing climate change. Weyant agrees with the IPCC that the economic cost is high, relative to othereconomic and environmental policies. There is tremendous uncertainty in these estimates, however, and different approaches to modeling -- economic, engineering, and social-psychological -- yield very different interpretations and prognoses. In another chapter, Robert Mendelsohn examines the costs of not slowing climate change. What impacts can we expect, how might they vary among different nations and regions, and how likely are we to encounter catastrophic results?

Renowned economist William Nordhaus has developed many innovative approaches for analyzing complex environmental questions. He applies them here to the possible phaseout of nuclear power in Sweden, and the book is a major contribution to that debate. Its value extends beyond that issue, however, to the careful consideration of environmental and energy questions that industrialized nations and developing regions now face.

In Sweden, a 1980 advisory referendum called for phasing out nuclear power. Parliament declared that existing nuclear reactors should be phased out by 2010. Numerous developments since 1980 -- technological, environmental, economic, and political -- necessitate a fresh look at the referendum. Should the Swedes reconsider the phaseout in light of new information or circumstances?

Nordhaus discusses and models the impact of new factors such as possible deregulation of electricity generation, efforts to address global climate change, and the decline of Sweden's economic growth and the rethinking of its welfare state. What are the costs and benefits to eliminating nuclear power? What are the economic ramifications of various energy and environmental options? Is a phaseout the most prudent approach? The Swedish Nuclear Dilemma casts these important questions in a new light, and it sets the stage for more informed analysis of similarly difficult issues.

The 2018 Nobel laureate for economics analyzes the politics and economics of the central environmental issue of today and points the way to real solutions Climate change is profoundly altering our world in ways that pose major risks to human societies and natural systems. We have entered the Climate Casino and are rolling the global-warming dice, warns economist William Nordhaus. But there is still time to turn around and walk back out of the casino, and in this essential book the author explains how. Bringing together all the important issues surrounding the climate debate, Nordhaus describes the science, economics, and politics involved—and the steps necessary to reduce the perils of global warming. Using language accessible to any concerned citizen and taking care to present different points of view fairly, he discusses the problem from start to finish: from the beginning, where warming originates in our personal energy use, to the end, where societies employ regulations or taxes or subsidies to slow the emissions of gases responsible for climate change. Nordhaus offers a new analysis of why earlier policies, such as the Kyoto Protocol, failed to slow carbon dioxide emissions, how new approaches can succeed, and which policy tools will most effectively reduce emissions. In short, he clarifies a defining problem of our times and lays out the next critical steps for slowing the trajectory of global warming.

The 2018 Nobel laureate for economics shows how economic analysis can help us design economic policies to address the looming challenges of global warming As scientific and observational evidence on global warming piles up every day, questions of economic policy in this central environmental topic have taken center stage. But as author and prominent Yale economist William Nordhaus observes, the issues involved in understanding global warming and slowing its harmful effects are complex and cross disciplinary boundaries. For example, ecologists see global warming as a threat to ecosystems, utilities as a debit to their balance sheets, and farmers as a hazard to their livelihoods. In this important work, William Nordhaus integrates the entire spectrum of economic and scientific research to weigh the costs of reducing emissions against the benefits of reducing the long-run damages from global warming. The book offers one of the most extensive analyses of the economic and environmental dynamics of greenhouse-gas emissions and climate change and provides the tools to evaluate alternative approaches to slowing global warming. The author emphasizes the need to establish effective mechanisms, such as carbon taxes, to harness markets and harmonize the efforts of different countries. This book not only will shape discussion of one the world's most pressing problems but will provide the rationales and methods for achieving widespread agreement on our next best move in alleviating global warming.

From a Nobel Prize-winning pioneer in environmental economics, an innovative account of how and why "green thinking" could cure many of the world's most serious problems-from global warming to pandemics Solving the world's biggest problems-from climate catastrophe and pandemics to wildfires and corporate malfeasance-requires, more than anything else, coming up with new ways to manage the powerful interactions that surround us. For carbon emissions and other environmental damage, this means ensuring that those responsible pay their full costs rather than continuing to pass them along to others, including future generations. In The Spirit of Green, Nobel Prize-winning economist William Nordhaus describes a new way of green thinking that would help us overcome our biggest challenges without sacrificing economic prosperity, in large part by accounting for the spillover costs of economic collisions. In a discussion that ranges from the history of the environmental movement to the Green New Deal, Nordhaus explains how the spirit of green thinking provides a compelling and hopeful new perspective on modern life. At the heart of green thinking is a recognition that the globalized world is shaped not by isolated individuals but rather by innumerable interactions inside and outside the economy. He shows how rethinking economic efficiency, sustainability, politics, profits, taxes, individual ethics, corporate social responsibility, finance, and more would improve the effectiveness and equity of our society. And he offers specific solutions-on how to price carbon, how to pursue low-carbon technologies, how to design an efficient tax system, and how to foster international cooperation through climate clubs. The result is a groundbreaking new vision of how we can have our environment and our economy too.

Experts agree that the earth will eventually run out of certain low-cost, nonrenewable resources, possibly as early as a century from now. Will the transition to reliance on other, more abundant resources be smooth or discontinuous? Might industrial societies experience a marked decline in living standards-a radically different kind of society from the one we now know? Geologists maintain that once inexpensive high-grade resources are exhausted, economic growth will slow. Economists are more optimistic: they believe that new technologies and materials will be substituted rapidly enough to prevent minor economic dislocations. Toward a New Iron Age? takes an important step toward reconciling these divergent views. It is the most comprehensive study of the economic consequences of resource depletion-in particular, it is a thorough exploration of the prospects for one key metal, copper. The authors draw on geological and engineering data to calculate the resources now available and to assess the feasibility of substituting alternatives. Using linear programming and a range of hypothetical base conditions, they are able to estimate the course, through the next century and beyond, of several crucial factors: the rate at which copper resources will be used and when they will be depleted; how the price of the metal will fluctuate; when alternative materials will be substituted, in what patterns, and at what costs. By the late twenty-first century, the authors believe, low-cost copper will no longer be available. Industrial societies will have to operate on more abundant resources such as iron, silica, and aluminum. They will enter, in short, a New Iron Age.

This book presents in detail a pair of models of the economics of climate change. The models, called RICE-99 (for the Regional Dynamic Integrated model of Climate and the Economy) and DICE-99 (for the Dynamic Integrated Model of Climate and the Economy) build on the authors' earlier work, particularly their RICE and DICE models of the early 1990s. Humanity is risking the health of the natural environment through a myriad of interventions, including the atmospheric emission of trace gases such as carbon dioxide, the use of ozone-depleting chemicals, the engineering of massive land-use changes, and the destruction of the habitats of many species. It is imperative that we learn to protect our common geophysical and biological resources. Although scientists have studied greenhouse warming for decades, it is only recently that society has begun to consider the economic, political, and institutional aspects of environmental intervention. To do so raises formidable challenges of data modeling, uncertainty, international coordination, and institutional design. Attempts to deal with complex scientific and economic issues have increasingly involved the use of models to help analysts and decision makers understand likely future outcomes as well as the implications of alternative policies. This book presents in detail a pair of models of the economics of climate change. The models, called RICE-99 (for the Regional Dynamic Integrated model of Climate and the Economy) and DICE-99 (for the Dynamic Integrated Model of Climate and the Economy) build on the authors' earlier work, particularly their RICE and DICE models of the early 1990s. They can help policy makers design better economic and environmental policies.

The U.S. Congress charged the National Academies with conducting a review of the Internal Revenue Code to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. To address such a broad charge, the National Academies appointed a committee composed of experts in tax policy, energy and environmental modeling, economics, environmental law, climate science, and related areas.
For scientific background to produce Effects of U.S. Tax Policy on Greenhouse Gas Emissions, the committee relied on the earlier findings and studies by the National Academies, the U.S. government, and other research organizations. The committee has relied on earlier reports and studies to set the boundaries of the economic, environmental, and regulatory assumptions for the present study. The major economic and environmental assumptions are those developed by the U.S. Energy Information Administration (EIA) in its annual reports and modeling. Additionally, the committee has relied upon publicly available data provided by the U.S. Environmental Protection Agency, which inventories greenhouse gas (GHG) emissions from different sources in the United States. The tax system affects emissions primarily through changes in the prices of inputs and outputs or goods and services. Most of the tax provisions considered in this report relate directly to the production or consumption of different energy sources. However, there is a substantial set of tax expenditures called "broad-based" that favor certain categories of consumption--among them, employer-provided health care, owner-occupied housing, and purchase of new plants and equipment. Effects of U.S. Tax Policy on Greenhouse Gas Emissions examines both tax expenditures and excise taxes that could have a significant impact on GHG emissions.