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Climate Change and Economic Development: A Pragmatic Approach (Invited Lecture)

  • John Gowdy

    (Rittenhouse Teaching Professor of Humanities and Social Science, Department of Economics, Rensselaer Polytechnic Institute, New York, USA)

  • Aneel Salman

    (Department of Economics, Rensselaer Polytechnic Institute, New York, USA.)

Two major problems promise to dominate economic and social policy during the twentyfirst century. These are global climate change and the growing gap between the rich and the poor. Economists are facing these issues at a time when many of the standard tools of economic analysis for example, competitive general equilibrium and the theoretical system that supports it have fallen into disfavour in analysing global issues involving uncertainty and irreversibility. This is both a challenge and an opportunity for development economics. This paper first examines economic models of human development and climate change, drawing, where possible, on the situation in Pakistan. We then outline an approach to coping with climate change based on new perspectives in behavioural and development economics, and on the likely consequences of global warming for Pakistan. We focus on adaptation to climate change rather than on mitigation strategies.

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File URL: http://www.pide.org.pk/pdf/PDR/2007/Volume4/337-350.pdf
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Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

Volume (Year): 46 (2007)
Issue (Month): 4 ()
Pages: 337-350

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Handle: RePEc:pid:journl:v:46:y:2007:i:4:p:337-350
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  1. Rehana Siddiqui & Afia Malik, 2001. "Debt and Economic Growth in South Asia," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 40(4), pages 677-688.
  2. van den Bergh, Jeroen C. J. M., 2004. "Optimal climate policy is a utopia: from quantitative to qualitative cost-benefit analysis," Ecological Economics, Elsevier, vol. 48(4), pages 385-393, April.
  3. Spash, Clive L., 2007. "The economics of climate change impacts a la Stern: Novel and nuanced or rhetorically restricted?," Ecological Economics, Elsevier, vol. 63(4), pages 706-713, September.
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  7. Gowdy, John M., 2008. "Behavioral economics and climate change policy," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 632-644, December.
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  9. William D. Nordhaus, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 686-702, September.
  10. John M. Gowdy, 2003. "The Revolution in Welfare Economics and its Implications for Environmental Valuation and Policy," Rensselaer Working Papers in Economics 0315, Rensselaer Polytechnic Institute, Department of Economics.
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  12. Martin L. Weitzman, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 703-724, September.
  13. George A. Akerlof, 2007. "The Missing Motivation in Macroeconomics," American Economic Review, American Economic Association, vol. 97(1), pages 5-36, March.
  14. Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December.
  15. Jack Knetsch, 2005. "Gains, Losses, and the US-EPA Economic Analyses Guidelines: A Hazardous Product?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 32(1), pages 91-112, 09.
  16. Daniel T. Slesnick, 1998. "Empirical Approaches to the Measurement of Welfare," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 2108-2165, December.
  17. Siang Ng & Yew-Kwang Ng, 2001. "Welfare-reducing growth despite individual and government optimization," Social Choice and Welfare, Springer, vol. 18(3), pages 497-506.
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