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Thread: Economics of climate policy, by Paul Krugman

  1. #1 Economics of climate policy, by Paul Krugman 
    Forum Isotope Bunbury's Avatar
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    Sep 2007
    A good article on the economics of climate change policy by Paul Krugman. According to Krugman most economists interested in climate issues agree that in the long run the costs of doing nothing will far outweigh the costs of action taken to reduce carbon emissions.

    The disagreement among economists is about whether immediate and strong action is needed (which Krugman calls the “big bang” and which the cap and trade legislation that passed the House last year exemplifies) or whether it’s better to build up slowly by gradually increasing the cost of carbon over say 100 years – the ramp. Krugman leans towards the big bang because: “it’s the non-negligible probability of utter disaster that should dominate our policy analysis. And that argues for aggressive moves to curb emissions, soon.”

    What we will probably end up with is some watered down version of Waxman-Markey which will fall in between the big bang and the ramp.

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