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9 reviews for:
The Climate Casino: Risk, Uncertainty, and Economics for a Warming World
William D. Nordhaus
3.74 AVERAGE
9 reviews for:
The Climate Casino: Risk, Uncertainty, and Economics for a Warming World
William D. Nordhaus
3.74 AVERAGE
The title metaphor is bad and it only gets worse. Does not place emphasis on a non-zero social discount rate, which came to be seen as a moral failure.
Some of this is outdated now and quite frankly some of his arguments just excuse and are to continue capitalism in a way that’s incompatible with what we have to do.
I think this is a very solid intro to some of the challenges surrounding dealing with climate change, but it has some flaws. The biggest issue with it is really just that it's not capable of changing minds, though Nordhaus is very upfront about that in the beginning. But I think a bigger concern is just that it feels too abbreviated - on the one hand, he covers all the major territory and brings in a lot of ideas, but too often (particularly in areas involving skepticism about the science and everything to do with adaptation) he glosses over some areas where a quick rebuttal would be better. Obviously the other major issue is just that he's an economist and is in crazy love with carbon taxes, although after totally biffing on a section on transportation policy (seriously, he gets it wrong in a bunch of different ways) he ends up rounding out the chapter discussing how some of these non-ideal policies might actually be a productive (albeit flawed and insufficient) way of going about things.
I want this book to better because it's got a lot of good points to it. I think it makes a lot of the best arguments of the Skeptical Environmentalist but put in a more accurate and realistic picture. But the flaws really hurt its ability to change minds, even those who might be more open than the crazy conservative skeptics. I feel like too often he's too close to his argument and doesn't realize where it needs to be made more compelling, and that's kind of the fault of an editor. He also doesn't get the arguments around wildlife and ecosystem services right at all, which is a little frustrating. Similarly, the behavioral econ was only touched upon, and I think that is the sort of discussion that can undermine his major policy desire (carbon tax), so I wish maybe it had eeked through a bit more.
It's interesting to note that some people complained about the number of charts/graphs because they are very simple and illustrative, and if you're interested in reading about this issue from an economist, you should obviously be capable of dealing with them. And I think if you do have an open mind but want to think more about how one balances policy decisions in this area, this is definitely a book worth reading. But I just don't know that it is going to change anything.
I want this book to better because it's got a lot of good points to it. I think it makes a lot of the best arguments of the Skeptical Environmentalist but put in a more accurate and realistic picture. But the flaws really hurt its ability to change minds, even those who might be more open than the crazy conservative skeptics. I feel like too often he's too close to his argument and doesn't realize where it needs to be made more compelling, and that's kind of the fault of an editor. He also doesn't get the arguments around wildlife and ecosystem services right at all, which is a little frustrating. Similarly, the behavioral econ was only touched upon, and I think that is the sort of discussion that can undermine his major policy desire (carbon tax), so I wish maybe it had eeked through a bit more.
It's interesting to note that some people complained about the number of charts/graphs because they are very simple and illustrative, and if you're interested in reading about this issue from an economist, you should obviously be capable of dealing with them. And I think if you do have an open mind but want to think more about how one balances policy decisions in this area, this is definitely a book worth reading. But I just don't know that it is going to change anything.
There are many traits that commend this excellent and highly recommended book, but two in particular stand out: reasonableness and comprehensiveness. It is a wonderful reprieve from the childlike simplicity of current debates around climate change, and might very well be the book to read on the topic if you were to choose only one.
William Nordhaus's credentials are impeccable after all. A Yale professor and the winner of the Nobel Prize in Economics for his work on the economics of climate change, the book is like an undergraduate survey course given by a particularly gifted professor. Explicitly written for young people, he covers all elements: the science of what's happening, an analysis of possible impacts as well as limitations of the models, the arguments for various possible responses, and obstacles to their passage. What's more, he does so with clear language that makes the material accessible to pretty much any modestly educated reader. Best of all, despite the introductory nature of the book there is something new to be learned in every chapter, even if you had some pre-existing knowledge.
What further distinguishes the book is the adult nature of the discussion. There is no room for climate change denial here, though the penultimate chapter finds Nordhaus reaching across the aisle to make the conservative case for a carbon price. By the same token, there are no "let's end oil tomorrow" hysterics. Nordhaus emphasizes that there are competing demands for scarce dollars, and that trying to stop climate change at any cost is clearly infeasible. Rather, it's a matter of weighing future costs of climate change, uncertain as they are, against the present day costs of policies. I leave it to the reader to explore this in detail themselves, but suffice it to say that there's more to decision making than simply minimizing temperature increases.
I've long noticed that the sign of a true expert is the ability to be comfortable with uncertainty. Those who talk of research and science as some sort of metaphysical entity conveying divine authority are invariably full of hot hair, and wilt under careful questioning. By contrast, those who deserve to be listened to will express a strong familiarity with the limitations of the data they have in hand. Knowing that they're willing to state when they don't know something, when the true experts speak with conviction my ears perk up. Nordhaus is such an expert, and you will walk away having read his summation of current research and best practices more informed and fully able to participate in public discussions of this crucially important issue.
4.5/5
William Nordhaus's credentials are impeccable after all. A Yale professor and the winner of the Nobel Prize in Economics for his work on the economics of climate change, the book is like an undergraduate survey course given by a particularly gifted professor. Explicitly written for young people, he covers all elements: the science of what's happening, an analysis of possible impacts as well as limitations of the models, the arguments for various possible responses, and obstacles to their passage. What's more, he does so with clear language that makes the material accessible to pretty much any modestly educated reader. Best of all, despite the introductory nature of the book there is something new to be learned in every chapter, even if you had some pre-existing knowledge.
What further distinguishes the book is the adult nature of the discussion. There is no room for climate change denial here, though the penultimate chapter finds Nordhaus reaching across the aisle to make the conservative case for a carbon price. By the same token, there are no "let's end oil tomorrow" hysterics. Nordhaus emphasizes that there are competing demands for scarce dollars, and that trying to stop climate change at any cost is clearly infeasible. Rather, it's a matter of weighing future costs of climate change, uncertain as they are, against the present day costs of policies. I leave it to the reader to explore this in detail themselves, but suffice it to say that there's more to decision making than simply minimizing temperature increases.
I've long noticed that the sign of a true expert is the ability to be comfortable with uncertainty. Those who talk of research and science as some sort of metaphysical entity conveying divine authority are invariably full of hot hair, and wilt under careful questioning. By contrast, those who deserve to be listened to will express a strong familiarity with the limitations of the data they have in hand. Knowing that they're willing to state when they don't know something, when the true experts speak with conviction my ears perk up. Nordhaus is such an expert, and you will walk away having read his summation of current research and best practices more informed and fully able to participate in public discussions of this crucially important issue.
4.5/5
A thoughtful and clear discussion of the economics of climate change, the likely negative economic impacts if greenhouse gas emissions continue unabated, and the costs of various policy proposals to address the issue. I'm sure that much of what is discussed in the book is very elementary to economists or political scientists, but it was nice to have it all discussed in one place.
A comprehensive, authoritative, well-written guide to climate change--with a good treatment of the science and an excellent treatment of the economics that is suitable both as an introduction and also for more knowledgeable non-specialists.
A very thoughtful, clear, and accessible explanation of all the key concepts related to climate change, and what the global community must do in order to limit warming to 2.5° C, and adapt to the resulting environmental damage.
This is an excellent book—well worth reading, especially if you consider yourself a skeptic about climate change, but even otherwise. The author does an excellent and fair job of walking through the science on anthropogenic global warming—both the certainty that it is happening and the distinct lack of certainty about the impacts. For example, in one of the more reassuring parts of the book, he explains that the highly publicized 2C target is determined less by the science than by the optics or marketing of global warming. A 3C target might make more economic and environmental sense.
Indeed, one of the strongest features of the book is that the author integrates the economics of combating climate change throughout his discussion of the science. In particular, I found his treatment of the reasons to apply discounting in analyzing costs and benefits valuable, as well as his discussion of the merits of cap-and-trade schemes versus a straight carbon tax. If you seek a discussion of global warming that goes beyond the canned debates and virtue signalling that makes up most of the public treatment of the topic, this is your book.
Indeed, one of the strongest features of the book is that the author integrates the economics of combating climate change throughout his discussion of the science. In particular, I found his treatment of the reasons to apply discounting in analyzing costs and benefits valuable, as well as his discussion of the merits of cap-and-trade schemes versus a straight carbon tax. If you seek a discussion of global warming that goes beyond the canned debates and virtue signalling that makes up most of the public treatment of the topic, this is your book.
informative
medium-paced