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Review of Environmental Economics and Policy Advance Access originally published online on July 8, 2008
Review of Environmental Economics and Policy 2008 2(2):309-313; doi:10.1093/reep/ren012
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© The Author 2008. Published by Oxford University Press on behalf of the Association of Environmental and Resource Economists. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

Comments on Simon Dietz and Nicholas Stern's Why Economic Analysis Supports Strong Action on Climate Change: A Response to the Stern Review's Critics

Robert Mendelsohn

The first 150 words of the full text of this article appear below.

The science of economics has made a number of important contributions to understanding greenhouse gases and their optimal control. From basic economic theory, economists have pointed out the need to minimize the sum of mitigation costs and climate damages (Nordhaus 1992). From this simple insight, society can derive an elegant solution to greenhouse gases. The optimal policy for society should balance marginal mitigation costs with marginal damages. Economics also provides an important perspective on time. Time is valuable and cannot be ignored. This is especially critical for a problem that has a very long time horizon. Costs borne in the present are more burdensome than costs born in the future. Finally, economics has much to offer in quantifying both the costs of mitigating greenhouse gas emissions (Weyant 2008) and the damages that climate change will cause to society (Pearce et al. 1996; Tol 2002; Mendelsohn et al. . . . [Full Text of this Article]

Thomas Sterner and U. Martin Persson

John P. Weyant


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S. Dietz and N. Stern
Note--On the Timing of Greenhouse Gas Emissions Reductions: A Final Rejoinder to the Symposium on "The Economics of Climate Change: The Stern Review and its Critics"
Rev Environ Econ Policy, December 1, 2009; 3(1): 138 - 140.
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