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The Ethics of Efficient Markets and Commons Tragedies: A Review of John Broome's Climate Matters: Ethics in a Warming World

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  • William Nordhaus

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)

Suggested Citation

  • William Nordhaus, 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, American Economic Association, vol. 52(4), pages 1135-1141, December.
    • Handle: RePEc:aea:jeclit:v:52:y:2014:i:4:p:1135-41
    Note: DOI: 10.1257/jel.52.4.1135
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    References listed on IDEAS

    as
    1. Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801, October.
    2. Will Gans & Beat Hintermann, 2013. "Market Effects of Voluntary Climate Action by Firms: Evidence from the Chicago Climate Exchange," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 55(2), pages 291-308, June.
    3. Zhang, Junjie & Wang, Can, 2011. "Co-benefits and additionality of the clean development mechanism: An empirical analysis," Journal of Environmental Economics and Management, Elsevier, vol. 62(2), pages 140-154, September.
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    Cited by:

    1. Choi, Jaerim & Lim, Sunghun, 2023. "Ostrom Meets the Pandemic: Lessons from Asian Rice Farming Traditions," 97th Annual Conference, March 27-29, 2023, Warwick University, Coventry, UK 334543, Agricultural Economics Society - AES.

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    More about this item

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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