Economics of Global Warming

Robert Gillespie

No 6006, 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia from Australian Agricultural and Resource Economics Society

Abstract: This paper conveniently skips any controversy associated with the science of climate change. On the assumption that greenhouse gas emissions are causing climate change that is detrimental to humanity, the paper focuses on some economic dimensions of the issue which seem to be poorly understood by Australian media commentators, policy analysts, interest groups and the political parties. Using a neoclassical welfare economics framework the paper explores the costs and benefits of greenhouse gas abatement with reference to the findings of the Stern Report, the setting of greenhouse gas targets by Australian political parties, the danger of the government “picking winners” and the emerging carbon theory of value. The paper concludes with a brief review of the relative merits of a carbon tax and a cap and trade approach. Key Words: This paper conveniently skips any controversy associated with the science of climate change. On the assumption that greenhouse gas emissions are causing climate change that is detrimental to humanity, the paper focuses on some economic dimensions of the issue which seem to be poorly understood by Australian media commentators, policy analysts, interest groups and the political parties. Using a neoclassical welfare economics framework the paper explores the costs and benefits of greenhouse gas abatement with reference to the findings of the Stern Report, the setting of greenhouse gas targets by Australian political parties, the danger of the government “picking winners” and the emerging carbon theory of value. The paper concludes with a brief review of the relative merits of a carbon tax and a cap and trade approach.

Keywords: Environmental Economics and Policy; Political Economy; Public Economics (search for similar items in EconPapers)
Pages: 9
Date: 2008
New Economics Papers: this item is included in nep-ene, nep-env and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aare08:6006

DOI: 10.22004/ag.econ.6006

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