The Economics of Global Climatic Change

by Rao; P M

• ISBN13: 9780765604606
• ISBN10: 0765604604
• Format: Hardcover
• Copyright: 1999-12-31
• Publisher: Routledge

Summary

Rao is an economist whose career has spanned many positions and institutions, among them Harvard and Rutgers. His analysis deviates from most studies on the economic impact of climate change by incorporating the underlying scientific phenomena, focusing on a comprehensive framework, and interpreting the findings in a relatively robust manner. His point is not to produce some degree/dollar equation but to look at broad conditions, trends, and activities. He keeps the mathematics simple to be accessible to policymakers and advanced undergraduates as well as graduates and researchers, but does recommend that readers have a course in economics behind them.

Author Biography

P. K. Rao has about twenty-seven years of experience in teaching, research, consulting, and top-level management in varied institutional settings. He has worked at Harvard and Rutgers Universities and has published about 40 papers.

Table of Contents

Preface	xi
List of Abbreviations	xiii
List of Chemical Symbols	xv
Introduction	3	(18)
Historical Perspectives	3	(4)
Svante Arrhenius and Later	7	(6)
About This Book	13	(8)
References	19	(2)
Scientific Background	21	(35)
Introduction	21	(1)
Climatic Renewal and Change	22	(12)
The Science of Global Warming	34	(3)
Greenhouse Gases and Global Warming Potential	37	(4)
The Ozone Factor	41	(7)
The Aerosols Factor	48	(1)
Scientific Uncertainty and Decision Making	49	(3)
Concluding Observations	52	(4)
References	52	(4)
Economic Approaches	56	(47)
Introduction	56	(1)
Sustainability and Sustainable Development	57	(9)
Externalities and Transaction Costs	66	(1)
Valuation of Resources and the Environment	67	(6)
Discounting Over Time	73	(11)
The New Green Golden Rule	84	(3)
Economics of Ecotaxes	87	(4)
Economic Policies: Multilevel Approaches	91	(3)
Concluding Observations	94	(9)
References	95	(4)
Analytics of Low Discount Rates for Stochastic Costs	99	(2)
Optimal Incentives and Disincentives	101	(2)
Economics of the Greenhouse Effect	103	(21)
Introduction	103	(1)
Ecological Economic Aspects	104	(2)
Economics of the Global Warming Potential	106	(4)
Biogeophysical and Public Health Economics	110	(3)
Economic Damage Assessment	113	(5)
Mitigating the Greenhouse Effect and Climatic Changes	118	(2)
Concluding Observations	120	(4)
References	121	(3)
Greenhouse Gas Regimes and Climate Change	124	(31)
Introduction	124	(1)
Climate Stabilization	125	(1)
Greenhouse Gas Reduction and Target Fixation	126	(2)
Market and Nonmarket Policy Instruments	128	(1)
Tradable Permits and Carbon Trade	128	(3)
Carbon Sequestration and Forestry	131	(2)
Cost Effectiveness of Alternatives	133	(1)
Cost Sharing and North---South Issues	134	(6)
Concluding Observations	140	(15)
References	140	(2)
UN Framework Convention on Climate Change Articles	142	(3)
Kyoto Protocol to the UNFCCC	145	(10)
International Institutional Mechanisms	155	(10)
Introduction	155	(1)
Multilateral Institutions	155	(2)
Joint Implementation and Clean Development Mechanisms	157	(5)
Political Economy of Global Environmental Policies	162	(1)
Concluding Observations	163	(2)
References	164	(1)
The Road (or Air) Ahead	165	(8)
The Kyoto Protocol and After	165	(1)
New Initiatives and Institutional Mechanisms	166	(2)
Improved Effectiveness of Global Initiatives	168	(5)
References	172	(1)
Glossary	173	(16)
Web Site Addresses	189	(8)
Index	197