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Towards a Better Global EconomyPolicy Implications for Citizens Worldwide in the 21st Century$
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Franklin Allen, Jere R. Behrman, Nancy Birdsall, Shahrokh Fardoust, Dani Rodrik, Andrew Steer, and Arvind Subramanian

Print publication date: 2014

Print ISBN-13: 9780198723455

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780198723455.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 September 2019

Resource Depletion, Climate Change, and Economic Growth1

Resource Depletion, Climate Change, and Economic Growth1

(p.381) 6 Resource Depletion, Climate Change, and Economic Growth1
Towards a Better Global Economy

Andrew Steer

Oxford University Press

Current patterns of energy and natural resource use, agricultural practices, and urbanization seem largely unsustainable and require urgent remediation. Unchecked, these patterns will lead to dangerous climate change and reduced economic growth. Current economic models fail to incorporate the effects of high carbon growth on climate change and environmental degradation. A new generation of economic models is needed. Models of how economies adjust to tighter environmental policies need to incorporate new evidence that actions such as increasing energy and resource efficiency can lead to larger win-win gains than were earlier thought possible; that smart policies combining carbon pricing and directed investment in research can lead to increased investment, growth, and competitiveness; and that investment can be raised by providing long-term policy confidence about the price of carbon and associated risks of stranded assets. A variety of policies will be important in putting economic processes on a more sustainable footing.

Keywords:   carbon pricing, climate change, environmental degradation, food prices, green growth, greenhouse gas emissions, international cooperation, natural resource depletion, population growth

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