On the political economy of environmental survival versus collapse. Clarifying the work done by Tinbergen & Hueting vis-à-vis Weitzman, Nordhaus and Stern
The Stern Review (2006) on the economics of climate change presented a cost estimate of perhaps even 20% of national income and subsequently was criticized by Weitzman and Nordhaus and others in a discussion that centered on the use of the calculus of variations and the choice of the proper rate of discount. The Tinbergen & Hueting (1991) approach deals with the wider environmental collapse, is not formulated in the form of the calculus of variations, and arrives at a sustainable level of national income of about 50% of national income. The Tinbergen & Hueting (TH) approach appears to be neglected by Weitzman, Nordhaus and Stern (WNS) but appears to be better grounded in economic theory, mathematically richer and empirically more relevant. This paper clarifies the misunderstandings and omissions in the work by WNS on environmental economics.
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- Colignatus, Thomas, 2008. "The Old Man and the SNI: A review of advance and adversity in Hueting's research in sustainable national income (SNI), economic growth and the new scarcity from the environment," MPRA Paper 9152, University Library of Munich, Germany.
- de Bovenberg, A Lans & Mooij, Ruud A, 1994.
"Environmental Levies and Distortionary Taxation,"
American Economic Review,
American Economic Association, vol. 84(4), pages 1085-89, September.
- Sterner, Thomas & Persson, U. Martin, 2007. "An Even Sterner Review: Introducing Relative Prices into the Discounting Debate," Discussion Papers dp-07-37, Resources For the Future.
- Herbert E. Scarf, 1992. "Tjalling Charles Koopmans (August 28, 1910-February 26, 1985)," Cowles Foundation Discussion Papers 1029, Cowles Foundation for Research in Economics, Yale University.
- William D. Nordhaus, 2006. "The "Stern Review" on the Economics of Climate Change," NBER Working Papers 12741, National Bureau of Economic Research, Inc.
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