Do You Remember the Stern Review?

Does anyone now remember Sir Nicholas Stern’s Review “the Economics of Climate Change” which made the headlines eight years ago? Mr Stern was respected economist who has worked for the World Bank and the UK Government, as well as holding professorships at pre-eminent universities. The Review comprised 575 pages and drew virtually all of the conclusions that most people who previously studied climate change issue have already reached and widely disseminated. Continue reading

Economics and environmental degradation

New ideas, when they first surface, are often ignored. Eventually they work themselves into the imagination of a few. Some people adopt the idea, others test it, if they can, others speculate about the idea and many ignore or mock it. There are very few ideas that are genuinely new; ideas build on the ideas of others. When an idea gains a small level of acceptance it has started its journey in the world; the journey may be short or it may be beyond the wildest imaginations of those that conceived the ideas. Continue reading

Time for the climate change talk to stop

To permit the climate to change or not to permit the climate to change; that is the question. You can read, see and hear about the importance of address climate change every day. Most of the talking is done by scientists and politicians. The former group can see the evil of climate change that threatens us and the latter group do the talking, but the talking by the politicians give rise to very little action. Continue reading

Climate Change – Mr Stern and the fundamental failure of markets

Nicholas Stern economist and famed author of “the Stern Review: the Economics of Climate Change” claimed yesterday that “the problem of climate change involves a fundamental failure of markets: those who damage others by emitting greenhouse gases generally do not pay. Climate change is a result of the greatest market failure the world has seen.”  Continue reading