Climate economics: a meta-review and some suggestions

NBER Working Paper

What have we learned from the outpouring of literature as a result of the Stern Review of the Economics
of Climate Change? A lot. We have explored the model space and the parameter space much more
thoroughly, though there are still unexplored regions. While there are aspects of the Stern Review's
analysis with which we can disagree, it seems fair to say that it has catalyzed a fundamental rethinking
of the economic case for action on climate change. We are now in a position to give some conditions
that are sufficient to provide a case for strong action on climate change, but need more work before
we have a fully satisfactory account of the relevant economics. In particular we need to understand
better how climate change affects natural capital - the natural environment and the ecosystems comprising
it - and how these affect human welfare.

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