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The Economic Impact of Climate in the Long Run

In: CLIMATE AND DEVELOPMENT

Author

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  • Richard S. J. Tol

Abstract

Early scholars were convinced that geography is destiny and that climate determines the human condition. Current economists by and large argue that institutions are destiny, and that the only thing that matters to humans is other human beings. Neither position is tenable. I review the literature and present new empirical evidence that shows that climate does have a significant effect on development, that this effect is mediated by institutions, and that the effect shrinks with affluence.

Suggested Citation

  • Richard S. J. Tol, 2021. "The Economic Impact of Climate in the Long Run," World Scientific Book Chapters, in: Anil Markandya & Dirk Rübbelke (ed.), CLIMATE AND DEVELOPMENT, chapter 1, pages 3-36, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811240553_0001
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    Cited by:

    1. Lamperti, Francesco & Bosetti, Valentina & Roventini, Andrea & Tavoni, Massimo & Treibich, Tania, 2021. "Three green financial policies to address climate risks," Journal of Financial Stability, Elsevier, vol. 54(C).
    2. Castellini, Marta & Castelli, Chiara & Gusperti, Camilla & Lupi, Veronica & Vergalli, Sergio, 2025. "Balancing climate policies and economic development in the Mediterranean countries," Energy Economics, Elsevier, vol. 145(C).
    3. Nouira, Ridha & Ben Salem, Leila & Saafi, Sami & Rault, Christophe, 2025. "Renewable energy consumption and international trade: Does climate policy stringency matter?," Energy Policy, Elsevier, vol. 206(C).

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    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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