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Austrian economics and climate change

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  • Graham Dawson

Abstract

The aim of this paper is to outline and defend an Austrian policy response to climate change. A privatised climate change policy, based on Austrian welfare economics, is the only way to defend to the greatest possible degree the liberties both of fossil fuel users and people whose property rights will be violated if carbon emissions cause climate change. Neoclassical and ‘Post-Austrian’ analyses of climate change are both theoretically unsound and impractical, in requiring for their implementation a foundation in reliable scientific knowledge that is not available. Anthropogenic climate change is a putative interpersonal conflict rather than market failure. The use of fossil fuels should be subject to side-constraints designed to avoid the infringement of other people’s property rights. Tort litigation would protect these rights, where necessary. Litigation would also promote the public understanding and even the advancement of climate science. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Graham Dawson, 2013. "Austrian economics and climate change," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 183-206, June.
    • Handle: RePEc:kap:revaec:v:26:y:2013:i:2:p:183-206
    DOI: 10.1007/s11138-012-0174-8
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    References listed on IDEAS

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    1. Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801.
    2. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
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    4. Myles Allen, 2003. "Liability for climate change," Nature, Nature, vol. 421(6926), pages 891-892, February.
    5. Richard S. J. Tol & Gary W. Yohe, 2006. "A Review of the Stern Review," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 7(4), pages 233-250, October.
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    More about this item

    Keywords

    Climate change; Neoclassical economics; ‘Post-Austrian’ economics; Austrian economics; B5; K3; Q5;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • K3 - Law and Economics - - Other Substantive Areas of Law
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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