Book Review–A Review of William Nordhaus' The Climate Casino: Risk, Uncertainty, and Economics for a Warming World. Weitzman, M. L. Review of Environmental Economics and Policy, 9(1):145–156, January, 2015. ![Book Review–A Review of William Nordhaus' The Climate Casino: Risk, Uncertainty, and Economics for a Warming World [link]](https://bibbase.org/img/filetypes/link.svg "link")
Paper doi abstract bibtex We all know the basics of climate change. Human activity has greatly increased the atmospheric stock of greenhouse gases (GHGs), the most important of which, by far, is carbon dioxide (CO2). Once CO2 shows up in the atmosphere, it stays there for a long time, on the order of centuries to millennia. The additional CO2 in the atmosphere is due primarily to the massive burning of fossil fuels that has accompanied the industrial revolution, and it continues to increase at an ever accelerating pace. We are currently at atmospheric concentrations of CO2 that were last seen over 3 million years ago. Scientists generally agree that increases in atmospheric CO2 are extremely likely to lead to increased global warming and changes in climate (as well as other effects, such as significant alterations of ocean chemistry). The greater the CO2 increase, the greater and more uncertain the likely warming, climate, and environmental response. If we continue emitting CO2 at the current (or even a modestly reduced) pace, within a century or so we will likely attain atmospheric CO2 levels that were last seen about 50 million years ago, when the mean global surface temperature was some 5C warmer than today. Thus, by increasing atmospheric CO2 we are performing a human-induced fast-paced experiment on a global scale that is extraordinarily far outside the range of “normal” experience, even by geological standards. How, by how much, and how fast should we react to this unfolding global warming scenario? Attempts to answer such questions push the discussion into the realm of the economics of climate change.
@article{weitzman_book_2015,
title = {Book {Review}--{A} {Review} of {William} {Nordhaus}' {The} {Climate} {Casino}: {Risk}, {Uncertainty}, and {Economics} for a {Warming} {World}},
volume = {9},
issn = {1750-6816, 1750-6824},
shorttitle = {Book {Review}--{A} {Review} of {William} {Nordhaus}' {The} {Climate} {Casino}},
url = {https://academic.oup.com/reep/article-lookup/doi/10.1093/reep/reu019},
doi = {10.1093/reep/reu019},
abstract = {We all know the basics of climate change. Human activity has greatly increased the atmospheric stock of greenhouse gases (GHGs), the most important of which, by far, is carbon dioxide (CO2). Once CO2 shows up in the atmosphere, it stays there for a long time, on the order of centuries to millennia. The additional CO2 in the atmosphere is due primarily to the massive burning of fossil fuels that has accompanied the industrial revolution, and it continues to increase at an ever accelerating pace. We are currently at atmospheric concentrations of CO2 that were last seen over 3 million years ago. Scientists generally agree that increases in atmospheric CO2 are extremely likely to lead to increased global warming and changes in climate (as well as other effects, such as significant alterations of ocean chemistry). The greater the CO2 increase, the greater and more uncertain the likely warming, climate, and environmental response. If we continue emitting CO2 at the current (or even a modestly reduced) pace, within a century or so we will likely attain atmospheric CO2 levels that were last seen about 50 million years ago, when the mean global surface temperature was some 5C warmer than today. Thus, by increasing atmospheric CO2 we are performing a human-induced fast-paced experiment on a global scale that is extraordinarily far outside the range of “normal” experience, even by geological standards.
How, by how much, and how fast should we react to this unfolding global warming scenario? Attempts to answer such questions push the discussion into the realm of the economics of climate change.},
language = {en},
number = {1},
urldate = {2017-09-19},
journal = {Review of Environmental Economics and Policy},
author = {Weitzman, M. L.},
month = jan,
year = {2015},
keywords = {GA, Untagged},
pages = {145--156},
}
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