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Review of Environmental Economics and Policy Advance Access originally published online on September 24, 2008
Review of Environmental Economics and Policy 2009 3(1):4-21; doi:10.1093/reep/ren014
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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

Climate Economics: A Meta-Review and Some Suggestions for Future Research

Geoffrey Heal*

* Columbia Business School, New York, NY, 10027; E-mail: gmh1{at}columbia.edu.

What have we learned from the outpouring of literature as a result of the Stern Review of the Economics of Climate Change? A lot. We have explored the models and the possible parameter values much more thoroughly. The Stern Review has catalyzed a fundamental rethinking of the economic case for action on climate change. We are now in a position to identify conditions that are sufficient to make a case for strong action on climate change, but more work is needed before we can have a fully satisfactory account of the relevant economics. In particular, we need to better understand how climate change affects natural capital—the natural environment and the ecosystems comprising it—and how this in turn affects human welfare.

JEL Classification: D8, D9, Q01

I am grateful to Scott Barrett, Tony Fisher, Claude Henry, Michael Hoel, Bengt Kriström, Karl-Goran Maler, Bill Nordhaus, Bob Pindyck, Nick Stern, and a referee for valuable comments on earlier versions of this article. This does not imply that they agree with it! Errors are of course my own responsibility.


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