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Download The Climate Casino: Risk, Uncertainty, and Economics for a Warming World

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Friday, July 19, 2013

The Climate Casino: Risk, Uncertainty, and Economics for a Warming World Hardcover

Author: Visit Amazon's William D. Nordhaus Page | Language: English | ISBN: 030018977X | Format: PDF, EPUB

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Download The Climate Casino: Risk, Uncertainty, and Economics for a Warming World
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Review

“The Climate Casino is one of the most important books ever written about global warming....it deals with the problem (climate change and its consequences including economic) and with the solution (primarily a suitable price for carbon). It does so with wonderful clarity.”—Thomas E. Lovejoy, George Mason University and The H. John Heinz Center for Science, Economics, and the Environment
(Thomas Lovejoy 2013-05-03)

“The Climate Casino is a tour de force and will make a real impact in the popular literature on climate change…it brings together all of the important strands of the debate…the book is without peer.”—Charles Kolstad, Stanford University
(Charles Kolstad 2013-05-23)

"Nordhaus is the world’s clearest, best informed and most serious thinker on climate change policy. There is more insight and good sense advice in this volume than in many libraries. This book should be as central to climate policy debates as climate change is to humanity’s future."—Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University
(Lawrence H. Summers 2013-06-04)

"Bill Nordhaus is one of the world’s pioneers in applying economic reasoning to the harrowing problem of climate change.  Before there was the UN climate treaty, the recent rounds of IPCC reports, and the Stern Review, there was Nordhaus’ path-breaking thinking, modeling, and research on the subject.  His new book, The Climate Casino, marks a long-awaited update and synthesis of this work for the public and students everywhere.  His core conclusion – that we must act and act now – is carefully explained with Nordhaus’ trademark vigor, clarity, and thoughtfulness."—Jeffrey D. Sachs, Director of The Earth Institute, Quetelet Professor of Sustainable Development, and Professor of Health Policy and Management at Columbia University
(Jeffrey D. Sachs 2013-06-26)

 “The power of intelligent economics permeates William Nordhaus’s The Climate Casino. …the book convincingly makes the economic case for changing governmental policy, and our production and consumption habits, by offering economic incentives for low-carbon choices.”—Gail Whiteman, Nature
(Gail Whiteman Nature 2013-10-24)

“A one-stop source on global warming, seen through the prism of a brilliant economist.” —Fred Andrews, The New York Times
(Fred Andrews The New York Times)

Selected as one of the best books of 2013 in the Financial Times
(Financial Times 2013-11-30)

Won an Honorable Mention for the 2013 New England Book Festival given by the JM Northern Media Family of Festivals, in the General Non-Fiction Category.
(New England Book Festival JM Northern Media 2013-12-27)

“Nordhaus is arguably the world’s leading thinker on the economics of global warming. . . His conclusion is clear: Acting to stop climate change costs money. Ignoring the problem costs more. . . Ultimately, this message, delivered by a number-crunching economist rather than a morally outraged environmentalist, may prove far more effective in making the case for action.”—Coral Davenport, The New York Times Book Review
(Coral Davenport New York Times Book Review)

“When we have a disjunction between scientific consensus and popular perception—that should light a fire under those of us in the news media. An excellent basis for discussion is the new book The Climate Casino by William Nordhaus.”—Nicholas Kristof, New York Times
(Nicholas Kristof New York Times)

“Provides a comprehensive stocktaking of the possibilities and consequences of global climate change, all of which can be summed up in one sentence: ‘Global warming is a trillion-dollar problem requiring a trillion-dollar solution.’”—Sheridan Jobbins, World Economic Forum
(Sheridan Jobbins World Economic Forum)

Winner of the 2013 American Publishers Awards for Professional and Scholarly Excellence (PROSE), in the Economics category.
(PROSE Awards American Publishers Awards for Professional and Scholarly Excellence 2014-02-07)

About the Author

William Nordhaus is Sterling Professor of Economics at Yale University. He has studied and written extensively about global warming for four decades and is author of the award-winning A Question of Balance: Weighing the Options on Global Warming Policies, published by Yale University Press. He lives in New Haven, CT.

Direct download links available for Download The Climate Casino: Risk, Uncertainty, and Economics for a Warming World Hardcover
  • Hardcover: 392 pages
  • Publisher: Yale University Press (October 22, 2013)
  • Language: English
  • ISBN-10: 030018977X
  • ISBN-13: 978-0300189773
  • Product Dimensions: 9.5 x 6.6 x 1.1 inches
  • Shipping Weight: 1.5 pounds (View shipping rates and policies)
Includes lots of good subject matter not covered thoroughly in his 2008 book, and elaborates on his earlier report of the DICE model projections (as far as I can tell).

Notes and Quotes:

(p. 10) "current low-carbon technologies cannot substitute for fossil fuels without a substantial penalty on carbon emissions," proof of this is in Chapter 23.

(p. 18) explains meaning of externality = "public good" (actually bad in this case, so he doesn't use this common econ lingo in book.)

(p. 21) Good log-linear plot (he calls it "ratio" scale) of global CO2 emissions since 1900, shows trend of 2.6% per year.

(p. 22) Nice plot of emissions/unit output, trend in US is -1.8% per year (from peak in 1920).

For US, says real output is 3.4% per year, so net emissions currently increasing at 1.6% per year.
For world, real is 3.7% BUT emissions only -1.1%, so for planet, emissions increasing at 2.6% per year (as Fig 2 showed).

(p. 71) Definition managed system. "From an economic point of view, decline and collapse (of some civilizations) came from narrowly based economic structures heavily dependent on unmanaged or mismanaged systems, with poor trade linkages to enable provisioning from other regions." (i.e., Anazazi, Easter Island).

(p. 82) "paradox" that "People will have substantially higher living standards in the growth world even after subtracting the damages from the changing climate." See Fig. 13. But note in unrestrained growth case temperature reaches nearly 6 C by 2200!

(p. 83-84) He states that food production can increase for local temps to +3 C (from now?) based on fourth IPCC report.
This is a useful survey of global warming from the very distinguished environmental economist William Nordhaus. To some extent, this book is a summary, aimed at a broad audience, of Nordhaus' extensive work on the economics of global warming. Nordhaus provides a "soup to nuts" survey. The book is divided into 5 sections. He opens with a solid section on the basic features of global warming, followed by a description of likely short-term impacts (short-term being essentially this century). The next two sections, and the heart of the book, are devoted to the economics of global warming. Part 3 looks at strategies for and costs of slowing global warming and Part 4 at the institutional changes needed to implement the required policies. The final section looks at the politics of global warming.

Nordhaus is particularly interested in introducing and explaining basic concepts of economics and data from what is now a large body of economically informed analysis. The co-author of a highly successful basic textbook, he is generally quite successful in this objective. Overall, I found this book to be clear, well organized, generally well written, and thoughtful. Its definitely superior to Nordhaus' last effort at public education.

Nordhaus presents global warming as a very serious but manageable problem, if appropriate actions are taken. Nordhaus argues well that, assuming economically efficient policies are implemented, major impacts of global warming can be reduced without enormous worldwide costs.

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