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Nordhaus, Stern, and Garnaut: The Changing Case for Climate Change Mitigation

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  • Howes, Stephen
  • Jotzo, Frank
  • Wyrwoll, Paul

Abstract

Today the idea that climate change requires a gradual and moderate response no longer commands consensus support among economists. A more demanding approach is gaining ground. This paper traces the changes in economic thinking concerning the case for action on climate change, through an analysis of the work of three eminent economists: William Nordhaus, Nicholas Stern and Ross Garnaut. It shows how from Nordhaus to Stern to Garnaut the case for more urgent and radical mitigation has been strengthened as temperature targets have been lowered and business-as-usual emissions projections raised. It also shows that Stern and especially Nordhaus, who has been working on this subject the longest, have changed their own views in favour of more urgent and radical mitigation. Some disagreements remain between these three economists, and some other economists have more moderate views, but the old consensus has been shattered.

Suggested Citation

  • Howes, Stephen & Jotzo, Frank & Wyrwoll, Paul, 2011. "Nordhaus, Stern, and Garnaut: The Changing Case for Climate Change Mitigation," Working Papers 249530, Australian National University, Centre for Climate Economics & Policy.
    • Handle: RePEc:ags:ancewp:249530
    DOI: 10.22004/ag.econ.249530
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    References listed on IDEAS

    as
    1. 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.
    2. Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801, January.
    3. Garnaut,Ross, 2011. "The Garnaut Review 2011," Cambridge Books, Cambridge University Press, number 9781107691681, January.
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Bunch of New CCEP Working Papers
      by David Stern in Stochastic Trend on 2011-08-08 05:45:00

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    Keywords

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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