Climate Change Economics: A Meta-Review and Some Suggestions

What have we learned from the outpouring of literature as a result of the Stern Review of the Economics of Climate Change? A lot. We have explored the model space and the parameter space much more thoroughly. The Stern Review has catalysed a fundamental rethinking of the economic case for action on climate change. We are in a position to give some conditions that are su¢ cient to provide a case for strong action on climate change, but we need more work before we have a fully satisfactory account of the relevant economics. In particular, we need to understand better how climate change a¤ects natural capital the natural environment and the ecosystems comprising it and how this in turn a¤ects human welfare.