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On economic disequilibrium and free lunch

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Author Info
Robert Ayres
Abstract

There is a sharp disagreement between mainstream economists and advocates of energy efficiency as regards the potential for “free lunches†or “no regrets†policies to cut greenhouse gas emissions. From an economics perspective, the critical question is whether the economic system is — or is not — close to a Pareto-optimum equilibrium state. If so, it follows that most technological systems now in place are optimum, or nearly so, from an economic perspective. If not, there may be many sub-optimal technologies in place, with corresponding opportunities for very high returns on appropriate investments. This paper presents some of the evidence supporting the latter thesis. Copyright Kluwer Academic Publishers 1994

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Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 4 (1994)
Issue (Month): 5 (October)
Pages: 435-454
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Handle: RePEc:kap:enreec:v:4:y:1994:i:5:p:435-454

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Keywords: Conservation disequilibrium CGE mode(s) pareto-optimality energy efficiency “free lunch†“no regretsâ€

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  1. Hildenbrand, Werner, 1981. "Short-Run Production Functions Based on Microdata," Econometrica, Econometric Society, vol. 49(5), pages 1095-1125, September. [Downloadable!] (restricted)
  2. Lawrence H. Goulder, 1992. "Do the Costs of a Carbon Tax Vanish When Interactions With Other Taxes are Accounted For?," NBER Working Papers 4061, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Dale W. Jorgenson & Peter J. Wilcoxen, 1990. "Environmental Regulation and U.S. Economic Growth," RAND Journal of Economics, The RAND Corporation, vol. 21(2), pages 314-340, Summer. [Downloadable!] (restricted)
  4. Conrad, Klaus & Henseler-Unger, Iris, 1986. "Applied general equilibrium modeling for long-term energy policy in Germany," Journal of Policy Modeling, Elsevier, vol. 8(4), pages 531-549. [Downloadable!] (restricted)
  5. Jorgenson, D.W. & Slesnick, D. & Wilcoxen, P.J., 1992. "Carbon Taxes and Economic Welfare," Harvard Institute of Economic Research Working Papers 1589, Harvard - Institute of Economic Research.
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  1. Ziesemer, Thomas & Kriechel, Ben, 2007. "The Environmental Porter Hypothesis: Theory, Evidence and a Model of Timing of Adoption," UNU-MERIT Working Paper Series 024, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology. [Downloadable!]
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