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Climate Shock: The Economic Consequences of a Hotter Planet
by
How knowing the extreme risks of climate change can help us prepare for an uncertain future
If you had a 10 percent chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10 percent chance this might eventually ...more
If you had a 10 percent chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10 percent chance this might eventually ...more
Hardcover, 264 pages
Published
February 22nd 2015
by Princeton University Press
(first published February 1st 2015)
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There Is No Expedient to which a Man Will Not Resort to Avoid the Real Labor of Thinking
[Through my ratings, reviews and edits I'm providing intellectual property and labor to Amazon.com Inc., listed on Nasdaq, which fully owns Goodreads.com and in 2014 posted revenues for $90 billion and a $271 million loss. Intellectual property and labor require compensation. Amazon.com Inc. is also requested to provide assurance that its employees and contractors' work conditions meet the highest health a ...more
[Through my ratings, reviews and edits I'm providing intellectual property and labor to Amazon.com Inc., listed on Nasdaq, which fully owns Goodreads.com and in 2014 posted revenues for $90 billion and a $271 million loss. Intellectual property and labor require compensation. Amazon.com Inc. is also requested to provide assurance that its employees and contractors' work conditions meet the highest health a ...more
This book talks a lot about probabilities and risk. It would be way over the head of lay readers trying to get a handle on climate change or climate economics. But it also had nothing new for those of us who are pretty knowledgeable about climate change (I worked in the energy/climate field for many years). So I don't know who the audience for this book should be. In addition, I thought it was very unclear in where it was going; the last chapter summarized the main thesis, but it was too little
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Dec 13, 2015
Rabbit {Paint me like one of your 19th century gothic heroines!}
rated it
it was amazing
Disclaimer: This book was given to me for free by Netgalley in exchange for a review.
I think that this book is a necessary read, and books like it as well.
It mostly focuses on environment and economics. There was a heavy emphasis placed on that saving the environment should not lie on the shoulders of individuals people nor individual countries but as a collective community. The problem, as the author has stated, is finding a practical and economical way to make each country reduce and possibly ...more
I think that this book is a necessary read, and books like it as well.
It mostly focuses on environment and economics. There was a heavy emphasis placed on that saving the environment should not lie on the shoulders of individuals people nor individual countries but as a collective community. The problem, as the author has stated, is finding a practical and economical way to make each country reduce and possibly ...more
The start of the book was good: climate change is both urgent and difficult. The topic was quite relevant: we need to address the problem of climate change through economic measures, somehow. But I lost interest in this book about halfway through, due to a combination of things that weren’t (in my opinion) explained that well, plus lack of sympathy with the basic ideas and assumptions. These assumptions were not defended, and the authors seemingly are completely oblivious that they are even bein
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This book is rather short, only 152 pages and then a ton of notes. But the content is very valuable to serious students of the climate crisis in a couple of ways. First, the authors explain the economics of the situation- why misguided market forces are driving us towards atmospheric carbon levels of 700 ppm in the year 2100, a situation that will benefit nobody. They explain that carbon pricing is the best solution. Second, they explain in depth the market forces that surround the concept of "g
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Climate Shock is a concise presentation of the economic consequences of climate change. The authors present climate change as a risk management issue, discuss the real vs. perceived risk of the those consequences, and how policymakers respond. Geoengineering is also discussed as an option of last resort (both financially and environmentally.) The book concludes with a discussion of individual action vs. policy change, and how the former is futile without the latter.
Very accessible read, with rel ...more
Very accessible read, with rel ...more
I appreciate the direct, dry, honest writing here. Wagner & Weitzman identify the fearsome foursome of anthropogenic climate disruption: it's global, it's long-term, it's irreversible, and it's uncertain. The final one, uncertainty, is the worst because we still do not know how bad it will be.
Further, the authors present why geoengineering methods might have appeal but their effects will not be the solution to climate disruption--it will merely be a means of treating the symptoms.
I also apprec ...more
Further, the authors present why geoengineering methods might have appeal but their effects will not be the solution to climate disruption--it will merely be a means of treating the symptoms.
I also apprec ...more
This 241 page book is really only 152 pages of text. There is *a lot* of endnotes and bibliography. The main text was a preface, 7 chapters and an epilogue. And one of those chapters (#2) was more of a glossary - it defined terms in alphabetical order.
Despite that, the book was actually a good read. It gives an overview of the problem. There is a lot on probability and best (350 ppm)/worst (700 ppm)/most likely case. Along with comparisons to the insurance industry. It was readable with "camels ...more
Despite that, the book was actually a good read. It gives an overview of the problem. There is a lot on probability and best (350 ppm)/worst (700 ppm)/most likely case. Along with comparisons to the insurance industry. It was readable with "camels ...more
A great look at the economics of Climate Change. I enjoyed it. My four takeaways:
-$40/ton of CO2 is the current US estimate. It's probably too low (at least by a third).
-There's a 10% chance of ending life as we know it if we get to 700 ppm. It's a lognormal probability distribution
-Economic models use discounts rates around 4%. That is too high. 1.4% has also been used, but I'd prefer to see something closer to negative 1%.
-Low beta: when the market is bad, the return is good. Climate change w ...more
-$40/ton of CO2 is the current US estimate. It's probably too low (at least by a third).
-There's a 10% chance of ending life as we know it if we get to 700 ppm. It's a lognormal probability distribution
-Economic models use discounts rates around 4%. That is too high. 1.4% has also been used, but I'd prefer to see something closer to negative 1%.
-Low beta: when the market is bad, the return is good. Climate change w ...more
On your left, you see a series of long articles about climate change disguised as a non-fiction book.
This is not a bad thing, not necessarily at least. It doesn't bore you, doesn't make you want to just ditch it and go live the rest of your life, but it does make you wonder if you would give it 28 bucks. It is very informative, including historical events for example as well as the thing it is actually about, and I appreciate how sincere the writing style is. Overall, I liked it, and I would rec ...more
This is not a bad thing, not necessarily at least. It doesn't bore you, doesn't make you want to just ditch it and go live the rest of your life, but it does make you wonder if you would give it 28 bucks. It is very informative, including historical events for example as well as the thing it is actually about, and I appreciate how sincere the writing style is. Overall, I liked it, and I would rec ...more
Depressing but informative like his last book on chemical- Exposed. And shows what a rogue state the U.S. with regard to both climate change and toxics, compared with the rest of the world.
The conclusion he reaches was obvious ten years ago - that market-based cap and trade was a system to be gamed and that we just need to tax carbon if we are serious.
We really really need political change on this issue. Not just hope.
The conclusion he reaches was obvious ten years ago - that market-based cap and trade was a system to be gamed and that we just need to tax carbon if we are serious.
We really really need political change on this issue. Not just hope.
Unfortunately light on actual content at only 150+ pages and 40 of footnotes, this jumps out with an urgent title on an urgent topic, but does very little with it. The opening half is promising enough, but it veers into meandering, features a satirical opening of a screenplay to highlight geoengineering, and has a soft conclusion that does little other than to suggest investing in areas that will be necessary once floodwaters rise and arctic permafrost melts, and be more environmentally minded b
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I highly recommend you do not read this book. It's core is an argument for a carbon tax, which keeps getting repeated in different forms, ad nauseum. Wrapped around this are a few basic facts about global warming, a long glossary, a huge amount of footnotes, a short epilogue on some actions you can take (vote, stop flying, divest). There is also an interesting section on "crowding out" which is where there are only so many "good" actions one can commit- and that some people recycle but fly, whic
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I enjoyed the refresher on basic climate maths - a scary reminder of why I decided to work on energy and climate change to begin with. You'd also struggle to find a book as well-written as this that better articulates the classic economist response to rising emissions: put a price on carbon and we can all go home. This is presented as self-evident rather when I'd argue it is anything but - certainly necessary, but not sufficient. Serious discussion of politics sorely lacking. I enjoyed the creat
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This is an OK book with two main points. Carbon should be taxed and we shouldn't engage in geoengineering. (Although, from my perspective, industrialization is geoengineering our planet.) I didn't realize the extent that instead of taxing carbon many nations actually subsidize fossil fuels. Also, the point that the potential "unknown unknowns" increase the need for action was interesting. The comparison to taking out insurance on low probability events was a good one, and I thought convincing. I
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Although the book's title advertises its main theme as the *economic* consequences of climate change, it primarily deals with the collective action problems associated with responding to this issue. This wasn't what I was expecting when I purchased this book to read, but it still ended up being fairly compelling. Wagner and Weitzman do a decent job of breaking down the obstacles associated with tackling climate change, including the uncertainty of its likelihood and impact, the challenge of gett
...more
Fine overview, nice to have all the basic economic ideas about climate change in one spot. The authors provide a good overview of the science, including what's still unpredictable. Then they explain the economics of how we might cope with it. There's more here on geoengineering (e.g., shooting sulfur into the atmosphere to counteract the effects of global warming) than I would have expected, largely because they think it will be cheap enough that someone will have a financial incentive to do it
...more
Apr 23, 2018
Stephen
rated it
liked it
Recommends it for:
climate model-builders
Recommended to Stephen by:
Miranda
Shelves:
natural-history-environment
Not about climate science but about making decisions of the utmost importance under the utmost uncertainty. Explains different methods of pricing carbon, examines pros and cons of geoengineering. Does not go as much as I'd have liked into utility of a carbon tax. Makes a big point that the future price of carbon should not be discounted more than 2% at the most, but alas I could not get understand why. I want this on my shelf of climate reference books. Extensive end notes are a plus.
...more
I could only get halfway through before giving up on this. I'm pretty disappointed and surprised by how annoyed I was since I agree with the premise! The authors are economists, not writers, and fail to organize their thoughts into a clearly digestible narrative, and instead scatter paragraph length sections of unconvincing ideas or inscrutable figures and graphs (with question marks for figures!) in a random fashion.
I'll be attempting Naomi Klein's book on the same subject next. ...more
I'll be attempting Naomi Klein's book on the same subject next. ...more
This is not a bad book, but it is not great, either. It is rather short. You can tell it is an amalgamation of various papers because each chapter presents in a very unique way. There is nothing overly revealing in this book. However, the topic is valid and the approach is sound. Sometimes dry. Sometimes entertaining. Always sobering.
While the first chapter is a bit overwhelming, the rest of the book is well-paced and easy to digest. If you think climate change is a big problem that's going to be hard to tackle, you won't find yourself challenged very often, but it will sharpen your toolkit and try to put numbers behind this chaotic science.
...more
While the book offers an in depth analysis of global warming with facts and figures, storyline is loose and leaves wondering of the logical sequence of sections. Feels more like reading a scientific paper than an scientific journalism book.
Thought the book was like Cliffnotes covering the climate crisis of Global Warming. I wanted something to dig my teeth into a little more, this really didn’t offer that. But, ultimately, can’t blame that on the book, that was its purpose. Just didn’t really love it.
Couldn't even finish it. I was reading Lab Girl at the same time and could hardly pay attention to this one because it was not engaging at all.
...more
Was expecting more...
A bit of a mess, I am afraid. Clearly written in a rush and would have needed more time and effort.
A bit of a mess, I am afraid. Clearly written in a rush and would have needed more time and effort.
climate through a neoliberal economic lens. great if you want bloodless discussions on asset pricing and discount rates
I found it very helpful in suggesting a disciplined approach to addressing how best to respond to, or at least, assess abrupt climate change.
I read it because I saw that the authors were recommended as foremost climate economists. There were a few main points that I understood and made sense: the uncertainty and impossibility of forecasting how long we have before life on earth as we know it becomes impossible; how to forecast or estimate costs of various means of mitigation; geoengineering may be the least costly method but results are unpredictable and most importantly, rogue practitioners could greatly endanger everyone and would
...more
Written with brio, wit, and some passion, this short, punchy (if somewhat repetitive) book is an excellent primer for the non-specialist on the risks of doing nothing or not enough about climate change and on how we might statistically and economically evaluate the various responses--political, economic, technological, and personal--to the inevitable disruptions that climate change will pose in the near, medium-term, and long-term future. They offer a timely and much-needed reminder that environ
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Gernot Wagner is the lead senior economist at the Environmental Defense Fund, a member of the adjunct faculty at Columbia and a research associate at the Harvard University’s Kennedy School. Martin L. Weitzman is a Professor of Economics at Harvard University. In Climate Shock, the authors apply risk management and economic analysis tools to the issue of climate change.
Wagner and Wietzman start off by describing the huge scale and complexity of the climate change challenge writing that: “Climat ...more
Wagner and Wietzman start off by describing the huge scale and complexity of the climate change challenge writing that: “Climat ...more
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