The Economics of Climate Change

摘要: �Greenhouse gas (GHG) emissions are exter nalities and represent the biggest market failure world has seen. We all produce emissions, people around already suffering from past current will have potentially catastrophic impacts in future. Thus, these not ordinary, localized externalities. Risk on a global scale is at core of issue. These basic features problem must shape economic analy sis we bring to bear; do this will, has, produced approaches policy that pro foundly misleading indeed dangerous. The purpose lecture set out what I think an appropriate way examine economics climate change, given unique scientific challenges posed, suggest implications for targets, instruments, action. sub ject complex very wide-ranging. It subject vital importance but one which fairly young. A central challenge provide tools necessary as