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It is, however, apparent that there is wide variation in estimates of just how much rising CO 2 or other greenhouse gases will warm the earth. Claims of precision in these estimates merit some skepticism. It is also unclear what the net worldwide effects of climate change might be over the next 100 or 200 years, on agriculture, disease or drinking water.

Moreover, there are respected climate economists who, while they do not doubt that global warming is very likely occurring, are skeptical that efforts to curb greenhouse gas emissions will, on balance benefit humankind. Economists such as William Nordhaus have argued for years that the near term economic growth benefits from burning fossil fuels outweigh the future estimated costs of climate change. William Nordhaus, The Climate Casino: Risk, Uncertainty, and Economics for a Warming World , New Haven, CT: Yale University Press, 2013. Nordhaus arrives at this conclusion by noting that typical studies of effects of future climate change value future costs and benefits equally with present costs and benefits (i.e. they use a near-zero discount rate to value future costs and benefits). Nordhaus, and most other economists, argue that future costs and benefits should be discounted when compared across several years, or even decades and especially centuries. This is because economic growth means that future generations will be wealthier, enabling the latter to better cope with climate change in their lifetime. But the much celebrated Stern Review of climate change (see footnote #4 ) does use a discount rate of near zero. (See the Appendix to this Chapter for a review of cost-benefit analysis and discounting).

The author’s view is that, on balance , the result of warming, realistic discounting of future costs and benefits or not, will not be positive for most of humanity, especially in the tropics.

If that turns out to be correct, then we must ask what can be done to reduce threats from climate change. We have heard from the doomsayers (catastrophe looms) and soothsayers (no climate change is occurring). What are doomslayers , those who seek sensible answers to difficult societal questions, to do?

Strong language has been used to portray a state of “immediate emergency” from the threat from global warming? But perhaps we should be also concerned about the threat of global cooling ? This is a most unconventional statement. Nevertheless, further proliferation of nuclear weapons in Iran, North Korea and elsewhere could mean that today’s university students might possibly face in their lifetime a greater possibility of serious global cooling then of global warming . Why? A nuclear exchange of multiple megaton weapons in one or more regions could easily lead to nuclear winter for the entire world, lasting decades or even centuries. As of 2014, prospects for limiting the spread of nuclear weapons are not bright.

Still, climate change and other pressing environmental issues cannot be ignored especially, since emerging nations are forecast to bear the brunt of costs of warmer climate. Since there are no panaceas, a portfolio of policies must be deployed. Herewith is presented a portfolio with five basic elements, some applying worldwide, some more specific to the U.S., Europe and Japan. Other chapters in this book indicate the portfolio, while focusing on climate change, has spillover beneficial effects as well on deforestation, biodiversity, water pollution and water wastage. It should be noted that the remedies presented are primarily price based, which should be expected from an economist. However, the last two elements in the portfolio would not be viewed as price-based.

Questions & Answers

what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
how nano science is used for hydrophobicity
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
what is differents between GO and RGO?
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
characteristics of micro business
for teaching engĺish at school how nano technology help us
How can I make nanorobot?
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
how can I make nanorobot?
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
what is the actual application of fullerenes nowadays?
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
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Source:  OpenStax, Economic development for the 21st century. OpenStax CNX. Jun 05, 2015 Download for free at http://legacy.cnx.org/content/col11747/1.12
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