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The Climate Casino: Risk, Uncertainty, and Economics for a Warming World, by William D. Nordhaus
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Climate change is profoundly altering our world in ways that pose major risks to human societies and natural systems. We have entered the Climate Casino and are rolling the global-warming dice, warns economist William Nordhaus. But there is still time to turn around and walk back out of the casino, and in this essential book the author explains how. Bringing together all the important issues surrounding the climate debate, Nordhaus describes the science, economics, and politics involved—and the steps necessary to reduce the perils of global warming. Using language accessible to any concerned citizen and taking care to present different points of view fairly, he discusses the problem from start to finish: from the beginning, where warming originates in our personal energy use, to the end, where societies employ regulations or taxes or subsidies to slow the emissions of gases responsible for climate change. Nordhaus offers a new analysis of why earlier policies, such as the Kyoto Protocol, failed to slow carbon dioxide emissions, how new approaches can succeed, and which policy tools will most effectively reduce emissions. In short, he clarifies a defining problem of our times and lays out the next critical steps for slowing the trajectory of global warming.
- Sales Rank: #66552 in Books
- Brand: Nordhaus William D
- Published on: 2015-02-24
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .80" w x 6.20" l, .0 pounds
- Binding: Paperback
- 392 pages
- The Climate Casino Risk Uncertainty and Economics for a Warming World
Review
"A one-stop source on global warming, seen through the prism of a brilliant economist."—Fred Andrews, New York Times Selected as one of the best books of 2013 in the Financial Times "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 "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 "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
"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 "An evenhanded volume [that] will educate undergraduate students and general readers about climate change economics. Essential."—Choice "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 "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 "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 "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. Nordhaus repeatedly and rightly reminds the reader of the risks of catastrophic tipping points and the huge unknowns concerning the ability of societies and ecosystems to adapt to the changes ahead. As he aptly puts it, by investing in slowing and eventually halting the emission of greenhouse gases humanity will be paying a well-justified 'insurance premium' for human wellbeing."—Jeffrey D. Sachs, The Earth Institute at Columbia University "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
About the Author
William Nordhaus, Sterling Professor of Economics at Yale University, has studied and written extensively about global warming for four decades. He lives in New Haven, CT.
Most helpful customer reviews
35 of 36 people found the following review helpful.
A Great Book for Understanding Approaches to Solving The Global Warming Problem
By Gerald R. North
I have been a climate scientist for more than 30 years, always staying away from voicing my opinion about policy issues. This book among other recent events has caused me to speak out more. The case for coal being the dominant cause of AGW is made convincingly in this book. Most other fixes are inconsequential. The various alternative approaches to dealing with the problem are explained clearly. Taxation of carbon via cap and trade or a direct tax is covered nicely. Another key principle often misunderstood by the public is discounting, again explained and illustrated well. This is a great book, clearly written and accessible to all who want to know more about the subject. I hope it is read by millions of caring citizens.
Gerald R. North
6 of 6 people found the following review helpful.
Good primer on climate, but limited by economist perspective
By George
This an easy to read introduction to climate change. Norhaus reviews the technical aspects and the policy history well. He makes a good case for some kind of carbon pricing to reduce greenhouse gas emissions. The book suffers from the tendency, perhaps common among economists, to discount the role of power in society. He comes to it near the end of the book, but it is unsatisfying. Also, he dismisses any role for government aside from the institution of a carbon tax. I agree this is an effective mechanism for fighting climate change, but other regulations and incentives are given short shrift in the discussion. Indeed, he can be so dismissive that his analysis suffers. Still, I use Climate Casino in a college classroom to discuss climate change and it is valuable as long as other readings or discussion can fill in the gaps and provide a more complete context.
2 of 2 people found the following review helpful.
Updated information along with a practical, business oriented approach to climate change
By W. A. Peterson
Bill Nordhaus does a great job of approaching climate change from a risk management, business oriented approach, incorporating new information from scientists about the risks of climate change. And he summarizes by considering practical political limitations to getting anything done. With the latest data on the impacts of projected CO2 and Temperature within likely ranges we will see, he shows impacts over the range, costs to avoid the worst tipping points, etc. His discussion of tipping points is especially helpful as the risk of triggering catastrophic impacts hinges around tipping points, understanding them, assessing our odds of tripping them, and evaluating the costs of options we have in the near term for optimizing our strategies to try to avoid passing any of these catastrophic thresholds. I'm hoping my generation (the baby boomers) won't be held responsible for catastrophic climate change, and while things are not looking too good right now, this PhD economist provides some valuable tools to the practical among us who want to deal with this as optimally as possible. I hope more of us read his book and give this huge challenge some serious consideration.
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