ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Climate Change: Need for New Economic Thought

As climate change has moved onto the political agenda, so have economists entered the debate prominently. Addressing the greenhouse effect challenges the approach to resource allocation of mainstream economics. A range of subjects arise: the objectivity of scientific information, asymmetry of costs and benefits over space and time, differentiation between risk and uncertainty, institutional power over information and the role of ethical judgment in decision processes.

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