{"id":3849,"date":"2015-08-24T03:50:36","date_gmt":"2015-08-24T10:50:36","guid":{"rendered":"http:\/\/www.realfuture.org\/wordpress\/?p=3849"},"modified":"2017-03-24T16:20:46","modified_gmt":"2017-03-24T23:20:46","slug":"climate-economics","status":"publish","type":"post","link":"https:\/\/www.realfuture.org\/wordpress\/climate-economics\/","title":{"rendered":"Climate Economics"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Richard Tol (2014)<\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.realfuture.org\/wordpress\/wp-content\/uploads\/2015\/08\/RichardTol_ClimateEconomics.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3850\" src=\"http:\/\/www.realfuture.org\/wordpress\/wp-content\/uploads\/2015\/08\/RichardTol_ClimateEconomics-199x300.jpg\" alt=\"RichardTol_ClimateEconomics\" width=\"99\" height=\"150\" srcset=\"https:\/\/www.realfuture.org\/wordpress\/wp-content\/uploads\/2015\/08\/RichardTol_ClimateEconomics-199x300.jpg 199w, https:\/\/www.realfuture.org\/wordpress\/wp-content\/uploads\/2015\/08\/RichardTol_ClimateEconomics.jpg 229w\" sizes=\"auto, (max-width: 99px) 100vw, 99px\" \/><\/a> One of the first attempts at a textbook on Climate Economics. Probably the best overview of neoclassical climate economics in a single volume. For a critical non-neoclassical review, read\u00c2\u00a0 <a href=\"http:\/\/www.realfuture.org\/wordpress\/wp-content\/uploads\/2015\/08\/Chalmers-Shackley-2014-Climate-Economic.pdf\">Chalmers &amp; Shackley&#8217;s (2014) review of the book<\/a>.<\/p>\n<p style=\"text-align: justify;\">One point: as a neo-classicist, Tol has a deeply instilled &#8216;equilbrium view&#8217; and brings this epistemic perspective to his view of how the &#8216;natural world&#8217; works.\u00c2\u00a0 His is a view of climate change as a continuous secular process that amounts (&#8216;merely&#8217;) to a <i>x<\/i>-degreeC-per-year change in temperature. What &#8216;equilibrium thinkers&#8217; need to understand is that the Earth system is currently not in equilibrium; most of the mounting costs aren&#8217;t to do with the (more predictable) secular changes in average temperatures and precipitation: they are to do, rather, with the increased <i>variability <\/i>and (associated) decreased <i>predictability<\/i> of &#8216;weather&#8217;.\u00c2\u00a0 Note that I am <u>not<\/u> speaking here about the uncertainty to do with future (average) temperature trends.<\/p>\n<p style=\"text-align: justify;\">I think this is important, because people trained in economics (and more especially finance) should at least have an strong intuition for the costs (&#8216;premium&#8217;) associated with decreased predictability \/ increased variability \u00e2\u20ac\u201c although to date little work has been done in tying this into climate change economics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Richard Tol (2014) One of the first attempts at a textbook on Climate Economics. Probably the best overview of neoclassical climate economics in a single volume. For a critical non-neoclassical review, read\u00c2\u00a0 Chalmers &amp; Shackley&#8217;s (2014) review of the book. One point: as a neo-classicist, Tol has a deeply instilled &#8216;equilbrium view&#8217; and brings this &hellip; <a href=\"https:\/\/www.realfuture.org\/wordpress\/climate-economics\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Climate Economics<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,10],"tags":[],"class_list":["post-3849","post","type-post","status-publish","format-standard","hentry","category-development","category-nature"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/posts\/3849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/comments?post=3849"}],"version-history":[{"count":14,"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/posts\/3849\/revisions"}],"predecessor-version":[{"id":3965,"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/posts\/3849\/revisions\/3965"}],"wp:attachment":[{"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/media?parent=3849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/categories?post=3849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realfuture.org\/wordpress\/wp-json\/wp\/v2\/tags?post=3849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}