Costs of adjustment to climate change
John Quiggin () and
John Horowitz ()
Australian Journal of Agricultural and Resource Economics, 2003, vol. 47, issue 4, 429-446
The present paper argues that the costs of climate change are primarily adjustment costs. The central result is that climate change will reduce welfare whenever it occurs more rapidly than the rate at which capital stocks (interpreted broadly to include natural resource stocks) would naturally adjust through market processes. The costs of climate change can be large even when lands are close to their climatic optimum, or evenly distributed both above and below that optimum.
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