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Economic Growth, Income Distribution, and Climate Change

Armon Rezai, Lance Taylor and Duncan Foley ()

No 2017-11, SCEPA working paper series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: This paper explores how climate damage affects the long-run evolution of the economy. Climate change induced by greenhouse gas lowers profitability, reducing investment and cutting output in the short and long runs. Short-run employment falls due to deficient demand. In the long run, productivity growth is slower, lowering potential income levels. Climate policy can increase incomes and employment in the short and long runs, while a continuation of business-as-usual leads to a dystopian income distribution with affluence for few and high levels of unemployment for the rest.

Keywords: climate change; economic growth; integrated assessment; demand and distribution; energy productivity; unemployment (search for similar items in EconPapers)
JEL-codes: H21 Q51 Q54 (search for similar items in EconPapers)
Date: 2017-10
New Economics Papers: this item is included in nep-agr, nep-ene, nep-env, nep-gro and nep-pke
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Journal Article: Economic Growth, Income Distribution, and Climate Change (2018) Downloads
Working Paper: Economic Growth, Income Distribution, and Climate Change (2017) Downloads
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