Klimakalender Einzelansicht

30.05.2018 - 30.05.2018
Diskussion

Climate Change, Efficiency and Future Generations

It is possible to respond to climate change in a way that requires no sacrifice from anyone. At least, that is the conclusion of the standard economic theory of externalities. In particular, the present generation need not make a sacrifice for the sake of future generations. In negotiating policy for climate change, the international community can therefore appeal to people‘s self interest rather than their morality. However, this important conclusion is subject to doubt, because the standard theory of externalities does not apply accurately to intergenerational externalities. It relies on a notion of efficiency that fails for policies that affect the identities and numbers of people in future generations, as climate policies do. I aim to repair the damage to the theory, and preserve its conclusion as far as possible.