De-Carbonising the World Economy

Julian Gough

World Economics, 2021, vol. 22, issue 4, 45-72

Abstract: Global temperatures for most of the first two decades of the twenty-first century remained on plateau, showing little response to the 13% rise in the concentration of carbon dioxide in the atmosphere. De-carbonising the world economy, by reducing the burning of fossil fuels, is based on a flawed scientific theory and will have little effect on global temperatures. Climate change policies based on state control of vast sections of the economy, through regulation, green taxation and subsidies, will destroy the free working of market forces and result in a gross misallocation of resources. The overall effect of climate change policies will be to needlessly reduce output, increase prices, impoverish consumers, reduce employment and increase government debt.

Date: 2021
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