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Pushing the boundaries of climate economics: critical issues to consider in climate policy analysis

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  • Scrieciu, S. Şerban
  • Barker, Terry
  • Ackerman, Frank

Abstract

Climate policy choices are influenced by the economics literature which analyses the costs and benefits of alternative strategies for climate action. This literature, in turn, rests on a series of choices about: the values and assumptions underlying the economic analysis; the methodologies for treating dynamics, technological change, risk and uncertainty; and the assumed interactions between economic systems, society and the environment, including institutional constraints on climate policy. We identify and discuss such critical issues, pushing at the boundaries of current climate economics research. New thinking in this area is gathering pace in response to the limitations of traditional economic approaches, and their assumptions on economic behaviour, ecological properties, and socio-technical responses. We place a particular emphasis on the role of induced technological change and institutional setups in shaping cost-effective climate action that also promotes economic development and the alleviation of poverty.

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  • Scrieciu, S. Şerban & Barker, Terry & Ackerman, Frank, 2013. "Pushing the boundaries of climate economics: critical issues to consider in climate policy analysis," Ecological Economics, Elsevier, vol. 85(C), pages 155-165.
    • Handle: RePEc:eee:ecolec:v:85:y:2013:i:c:p:155-165
    DOI: 10.1016/j.ecolecon.2011.10.016
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    17. Geels, F.W. & McMeekin, A. & Pfluger, B., 2020. "Socio-technical scenarios as a methodological tool to explore social and political feasibility in low-carbon transitions: Bridging computer models and the multi-level perspective in UK electricity gen," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
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