- Consulting Editors
- List of Contributors
- The Macroeconomics of Global Warming
- Improving Climate Projections to Better Inform Climate Risk Management
- Energy Balance Climate Models, Damage Reservoirs, and The Time Profile of Climate Change Policy
- Economics of Environmental Regime Shifts
- Policy Scenarios in a Model of Optimal Economic Growth and Climate Change
- Adaptive Model-Predictive Climate Policies in a Multicountry Setting
- Prospects of Tools from Differential Games in the Study of Macroeconomics of Climate Change
- Fairness in Climate Negotiations: A Meta-Game Analysis Based on Community Integrated Assessment
- Climate Change and Second-Best Abatement in a Multiregion World with Endogenous Growth
- Global Warming and R&D-Based Growth in a Trade Model between Environmentally Sensitive and Environmentally Neglectful Countries
- Climate Change and Intergenerational Well-Being
- The Atmosphere as a Global Commons
- The Social Cost of Carbon
- Climate-Friendly Technological Change for Developing Countries
- Renewable Energy: Models, Implications, and Prospects
- Emission Trading Systems and Technological Innovation: A Random Matching Model
- The Reality of Nuclear Power: The Fukushima Experience and Its Impact
- Forecast-Based Pricing of Weather Derivatives
- Employment and Output Effects of Climate Policies
- Macroeconomic Effects of Renewable Energy and Energy Efficiency Policies with a Focus on Germany
- Stabilization of Earth’s Climate in the 21st Century by the Stabilization of Per Capita Consumption
- Does the Kyoto Protocol Intensify Carbon Leakage to China?
- Climate Thresholds, Weather Extremes, and Catastrophic Losses
- Climate Impacts on Agriculture: A Challenge to Complacency?
- The Legal Framework of Global Environment Governance on Climate Change: A Critical Survey
- Environment and Development Challenges: The Imperative of a Carbon Fee and Dividend
- The Need for Sustainable Development and a Carbon Market: Avoiding Extinction
- Name Index
- Subject Index
Abstract and Keywords
The problem of climate change is typically discussed as a problem of intergenerational tradeoffs. Typically, it is supposed that the current generations must make sacrifices today for the improved well-being of future generations. The case for climate change mitigation becomes a question of the balancing of current and future well-being, for example, according to a social discount factor. Though this approach is common, the perspective is too narrow. By using intergenerational fiscal policy, it may be possible to fund climate change mitigation with public debt, so that in effect future generations bear both the costs and the benefits of climate change mitigation. In this way, the social discount rate is not relevant. What is relevant is whether future generations would indeed be willing to pay the price of mitigation in return for reduced climate change. The current generation must act as a steward for future generations, assessing whether future generations would (or should) be willing to bear the costs of mitigation. If so, today’s generation would undertake mitigation actions, while leaving future generations with a higher stock of public debt to service.
Jeffrey D. Sachs, Director, the Earth Institute, Columbia University.
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