Journal of Economic Literature Vol. A Review of the Stern Review on the Economics of Climate Change by Martin L. Weitzman. The Stern Review argues that the damages from climate change are large, and that nations should undertake sharp and immediate reductions in greenhouse gas emissions. (2006), ‘The Transition to Endogenous Technical Change in Climate-Economy Models: A Technical Overview to the Innovation Modeling Comparison Project’, Energy Journal (Endogenous Technological Change and the Economics of the Atmospheric Stabilization Special Issue), 17 – 55. 2007;45 (3) :703-724. 686–702 A Review of theStern Review on the Economics of Climate Change WILLIAM D. NORDHAUS∗ How much and how fast should we react to the threat of global warming? The Stern review on the economics of climate change is an influential report published in 2006.It was commissioned by Gordon Brown, then UK chancellor of … Find helpful customer reviews and review ratings for The Economics of Climate Change: The Stern Review at Amazon.com. Weitzman ML. A Review of the Stern Review on the Economics of Climate Change by William D. Nordhaus. The Stern Review argues that the damages from climate change are large, and that nations should undertake sharp and immediate reductions in greenhouse gas emissions. 'The Stern Review of The Economics of Climate Change is a vital step forward in securing an effective global policy on climate change. An examination of the Review’s radical revision of the economics of climate change finds, however, that it depends decisively on the assumption of a near-zero time discount rate combined with a specific utility function. Students of climate change should regard The Stern Review as an example of how a government can influence an outcome by a text written and presented in an authoritative way. The "Stern Review" on the Economics of Climate Change William D. Nordhaus. STERN REVIEW: The Economics of Climate Change iii The first half of the Review considers how the evidence on the economic impacts of climate change, and on the costs and benefits of action to reduce greenhouse gas emissions, relates to the conceptual framework described above. Published in volume 45, issue 3, pages 703-724 of Journal of Economic Literature, September 2007, Abstract: The Stern Review calls for immediate decisive action to … The Stern Review argues that the damages from climate change are large, and that nations should undertake sharp and immediate reductions in greenhouse gas emissions. In a study of the economics of climate change commissioned by the British government, released on 30 October, the former World Bank chief economist Sir Nicholas Stern presents a vigorously argued case for early curtailment of greenhouse gas emissions and proposes mitigation strategies that appear to offer highly favorable benefit‐cost ratios. sive new study, the Stern Review on the Economics of Climate Change(hereafter the Review).2 Prime Minister Tony Blair painted a dark picture for the globe at its unveiling, “It is not in doubt that if the science is right, the consequences for our planet are literally dis-astrous....[W]ithout radical international 2007;45 (3) :703-724. In a study of the economics of climate change commissioned by the British government, released on 30 October, the former World Bank chief economist Sir Nicholas Stern presents a vigorously argued case for early curtailment of greenhouse gas emissions and proposes mitigation strategies that appear to offer highly favorable benefit‐cost ratios. Journal of Economic Literature [Internet]. A Review of The Stern Review on the Economics of Climate Change. Downloadable (with restrictions)! Anderson D (2007) The Stern review and the costs of climate change mitigation—a response to the ‘dual critique’ and the misrepresentations of Tol and Yohe’. The Stern Review on the Economics of Climate Change The Stern Review, released on October 30, 2006, provides the most thorough and rigorous analysis to date of the costs and risks of climate change and reducing emissions and convincingly argues that the benefits of strong, early global action to mitigate climate change will be far lower than the costs. * These comments were prepared for a seminar on the Stern Review's Economics of Climate Change, organised by the Foundation for Science and Technology at the Royal Society, London, on November 8, 2006. Economic impacts of climate change Let us first examine the Stern Review conclusion that climate change will cause economic disruption now and forever. An examination of the Review’s radical revision of the economics of climate change finds, however, that it depends decisively on the assumption of a near-zero time discount rate combined with a specific utility function. NBER Working Paper No. STERN REVIEW: The Economics of Climate Change 3 The first half of the Review considers how the evidence on the economic impacts of climate change, and on the costs and benefits of action to reduce greenhouse gas emissions, relates to the conceptual framework described above.