Twenty-First Century Macroeconomics Responding to Environmental Challenges

About this book

Taking global climate change seriously requires a profound reorientation of macroeconomic goals. Economic growth has been closely linked to expanded use of energy, primarily fossil fuels. The assumption of continuing economic growth, in turn, leads economists to discount future costs, including the generational impacts of climate change.

Contributors to Twenty-First Century Macroeconomics challenge traditional assumptions about economic growth, and develop the elements of a reoriented macroeconomics that takes account both of environmental impacts and of social equity. Policies including carbon trading, revenue recycling, and reorientation of private and social investment are analyzed, providing insight into new paths for economic development with flat or negative carbon emissions.

Contents

Introduction Jonathan M. Harris and Neva R. Goodwin

PART I: THE SCOPE OF THE CHALLENGE
1. Understanding the Challenge of Global Warming Lloyd J. Dumas
2. The New Climate Economics: The Stern Review versus its Critics Frank Ackerman
3. Economics and Climate Change: Resilience, Equity, and Sustainability Neva R. Goodwin
4. The Right to Development in a Climate-Constrained World Paul Baer, Tom Athanasiou and Sivan Kartha

PART II: MACROECONOMIC THEORY PERSPECTIVES
5. The Economic Fundamentals of Global Warming Duncan K. Foley
6. Energy Productivity, Labor Productivity, and Global Warming Lance Taylor
7. Macroeconomics and Sustainable Development: Applying the Sustainomics Framework Mohan Munasinghe
8. Ecological Macroeconomics: Consumption, Investment and Climate Change Jonathan M. Harris

PART III: POLICY OPTIONS FOR RESPONDING TO CLIMATE CHANGE
9. Cap and Dividend: How to Curb Global Warming While Promoting Income Equity James K. Boyce and Matthew Riddle
10. Policies for Funding a Response to Climate Change Brian Roach
11. The New EU Emissions Trading Scheme: A Blueprint for the Global Carbon Market? Christian Egenhofer
12. Implementation of Sustainable Development in Poland Andrzej Kassenberg
13. Climate Change from the Investor's Perspective Adam Seitchik

Index

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