A Note on the Ethical Implications of the Stern Review
AbstractThe Stern Review adopts two interesting elements in its calculation of the costs and benefits of climate change mitigation. First is a ‘global welfarist’ approach that values the utility of the World’s people (now and into the future) equally, and sets global utility maximization as the correct goal for policy. Second is an assumption of a declining marginal utility to income. Consistent application of the ‘global welfarist’ approach and the declining marginal utility of income together would demand an urgent process of global income redistribution. Over the long term, this might see the richest ten percent of the World’s population facing an average redistributive tax rate in the region of 82 percent.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 2281.
Date of creation: 01 Mar 2007
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Stern Review; Climate Change; Welfare Economics;
Find related papers by JEL classification:
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- F20 - International Economics - - International Factor Movements and International Business - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-03-24 (All new papers)
- NEP-ENE-2007-03-24 (Energy Economics)
- NEP-ENV-2007-03-24 (Environmental Economics)
- NEP-UPT-2007-03-24 (Utility Models & Prospect Theory)
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- Kenny, Charles, 2009. "Why Do People Die In Earthquakes? The Costs, Benefits And Institutions Of Disaster Risk Reduction In Developing Countries," Policy Research Working Paper Series 4823, The World Bank.
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