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Values in the Economics of Climate Change

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  • Michael Toman

Abstract

Economics has played an important role in assessing climate change impacts, and the effects of various individual and policy response strategies. Proponents of a key role for economics in analysis of climate change policies and goals argue that its capacity to incorporate and compare a variety of costs and benefits makes it uniquely useful for normative assessment. Critics of economic analysis of climate change have questioned not only its empirical capacities, but also its fundamental usefulness given some of the important but often implicit assumptions on which it is based. After reviewing this debate and its implications for public policy on climate change, the paper sketches a way in which more technical economic analysis and public dialogue might be combined.

Suggested Citation

  • Michael Toman, 2006. "Values in the Economics of Climate Change," Environmental Values, , vol. 15(3), pages 365-379, August.
    • Handle: RePEc:sae:envval:v:15:y:2006:i:3:p:365-379
    DOI: 10.1177/096327190601500311
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    References listed on IDEAS

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    1. Robert Mendelsohn, 1999. "The Greening of Global Warming," Books, American Enterprise Institute, number 53354, September.
    2. Weitzman, Martin L., 1998. "Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 201-208, November.
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