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October 29, 2006
Substantive economic analysis of climate change
The Stern Review says that climate change represents the greatest and widest-ranging market failure ever seen. And on the basis of this intellectually rigorous and thorough report, it is hard to disagree.
Sir Nicholas Stern, a distinguished development economist and former chief economist at the World Bank, is not a man given to hyperbole.
Yet he says "our actions over the coming few decades could create risks of major disruption to economic and social activity, later in this century and in the next, on a scale similar to those associated with the great wars and the economic depression of the first half of the 20th century".
His report gives prescriptions for how to minimise this economic and social disruption.
His central argument is that spending large sums of money now on measures to reduce carbon emissions will bring dividends on a colossal scale. It would be wholly irrational, therefore, not to spend this money.
BBC NEWS | Business | Report's stark warning on climate
Posted by thdyck on October 29, 2006
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