Climate change and growth

IF 2.8 4区管理学 Q2 BUSINESS

Industrial and Corporate Change Pub Date : 2023-02-17 DOI:10.1093/icc/dtad008

N. Stern, J. Stiglitz

引用次数: 1

Abstract

Contrary to much of the conventional wisdom, taking stronger actions on climate change may enhance economic growth, even as conventionally measured, but even more so, in terms of societal well-being. We identify the flaws in the models and analyses which contend that there must be a trade-off and explain the mechanisms and dynamic forces which have the potential to enhance growth. Critically, there are numerous market failures that result in suboptimal economic performance. We explain how addressing climate change reduces the bite of these failures and enhances the incentives and political will to address them. We identify packages of policies that alleviate market failures, enhance growth, and reduce carbon emissions. Finally, we argue that the green transition is coming at a time when, both because of persistent deficiencies of aggregate demand and advances in technology, including artificial intelligence and robotization, the macroeconomic opportunity costs of strong climate actions may be especially low and the benefits particularly high.

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气候变化与增长

与许多传统观点相反，对气候变化采取更强有力的行动可能会促进经济增长，即使是传统的衡量标准，但在社会福祉方面更是如此。我们发现了模型和分析中的缺陷，这些模型和分析认为必须存在权衡，并解释了具有促进增长潜力的机制和动力。至关重要的是，有许多市场失灵导致次优经济表现。我们解释了应对气候变化如何减少这些失败的影响，并增强解决这些问题的动机和政治意愿。我们确定了缓解市场失灵、促进增长和减少碳排放的一揽子政策。最后，我们认为，由于总需求的持续不足和技术的进步，包括人工智能和机器人化，绿色转型正在到来，强有力的气候行动的宏观经济机会成本可能特别低，收益可能特别高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.