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

Author

Listed:
  • Adam B. Jaffe
  • Suzi Kerr

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)

Suggested Citation

  • Adam B. Jaffe & 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, American Economic Association, vol. 53(1), pages 79-91, March.
    • Handle: RePEc:aea:jeclit:v:53:y:2015:i:1:p:79-91
    Note: DOI: 10.1257/jel.53.1.79
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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, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Ghaemi Asl, Mahdi & Ben Jabeur, Sami, 2024. "Could the Russia-Ukraine war stir up the persistent memory of interconnectivity among Islamic equity markets, energy commodities, and environmental factors?," Research in International Business and Finance, Elsevier, vol. 69(C).
    2. Buchholz Wolfgang & Heindl Peter, 2015. "Ökonomische Herausforderungen des Klimawandels," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 16(4), pages 324-350, December.

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    More about this item

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • 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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