The Inappropriateness of Mainstream Approaches to the Economics of Climate Change

What approach shall we choose in examining the economic impacts of global warming?

Today I found a highly interesting answer to this question – namely, a 2007 report by Frank Ackermann, in which he analyzed  the debate that arose after the publishing of the so called Stern Review on the Economics of Climate Change. Many economists, among them such names as William Nordhaus, Partha Dasgupta or Martin Weitzman (to call just these three), criticized different features of the approach chosen by Sir Nicholas Stern in building up his model that estimates the costs and benefits of fighting climate change. Continue reading