'This is an important book. It not only serves as a valuable contribution to green accounting, it is a testament to Salah El Serafy's tireless efforts to reform the national income accounts in ways that would better reveal the sustainable product of nations and the value of development policies. No matter what differences the reader may have with some of the points made, there is no denying that the world would be a much improved place if the reforms suggested by El Serafy were implemented.' – Philip Lawn, Flinders University, Australia 'This book is a fabulous summary of Salah El Serafy's seminal contributions to "greening" national income accounts. If only we had employed the famous "El Serafy method" of investing depletion of non-renewable resources into renewable alternatives, the world would be in a much stronger and more sustainable place today. Hopefully it is not too late to take up this and El Serafy's many other recommendations for improving national income accounting.' – Robert Costanza, Portland State University, US Though scientists and environmentalists have long expressed concern over the rapid deterioration of the global environment, economists have largely failed to recognize the issue's relevance to their field. Salah El Serafy argues for an increased focus on the economic aspects of environmental degradation, calling for a fundamental shift in how economists measure and discuss national income. Through a combination of new material reflecting recent developments in the field and previously published essays that provide a history of green accounting, the author emphasizes the importance of considering natural resources as part of a nation's economic capital. Setting forth what has become known as the 'El Serafy Method', this fascinating and complex volume presents both the justification and the methodology for giving the environment a place in the global economic conversation. Students, professors, researchers and policymakers in the field of environmental and ecological economics will no doubt find much to appreciate in this thoughtful and comprehensive analysis of the intersection between economics and the environment.

We study the long-term impact of climate change on economic activity across countries, using a stochastic growth model where labor productivity is affected by country-specific climate variables—defined as deviations of temperature and precipitation from their historical norms. Using a panel data set of 174 countries over the years 1960 to 2014, we find that per-capita real output growth is adversely affected by persistent changes in the temperature above or below its historical norm, but we do not obtain any statistically significant effects for changes in precipitation. Our counterfactual analysis suggests that a persistent increase in average global temperature by 0.04°C per year, in the absence of mitigation policies, reduces world real GDP per capita by more than 7 percent by 2100. On the other hand, abiding by the Paris Agreement, thereby limiting the temperature increase to 0.01°C per annum, reduces the loss substantially to about 1 percent. These effects vary significantly across countries depending on the pace of temperature increases and variability of climate conditions. We also provide supplementary evidence using data on a sample of 48 U.S. states between 1963 and 2016, and show that climate change has a long-lasting adverse impact on real output in various states and economic sectors, and on labor productivity and employment.

Macroeconomics of Climate Change in a Dualistic Economy: A Regional General Equilibrium Analysis generates significant, genuinely novel insights about dual economies and sustainable economic growth. These insights are generalize-able and applicable worldwide. The authors overcome existing limitations in general equilibrium modeling. By concentrating on tensions between green growth and dualism, they consider the global efforts against climate change and opposition by specific countries based on economic development needs. Using Turkey as their primary example, they address these two most discussed and difficult issues related to policy setting, blazing a path for those seeking an applied economic research framework to study such economic considerations. - Couples a CGE climate change mitigation policy analysis with a dual economy approach - Presents methods to model and assess policy instruments for mitigating climate change - Provides data sets and models on a freely-accessible companion website - Offers a path for those seeking an applied economic research framework to study economic considerations

This textbook provides a concise introduction to micro- and macroeconomics and demonstrates how economic tools and approaches can be used to analyze environmental issues. Written in an accessible style without compromising depth of the analysis, central issues in the public policy debate on environmental problems and environmental policy are discussed and analyzed from an economics perspective. The book is meant as an introductory (and in some parts intermediate) text for undergraduate students in environmental sciences without a background in economics. It also serves as a companion for economists interested in a presentation of the micro and macro foundations of environmental economics, in a nutshell. The second edition has been revised, updated and extended in may ways, for instance by adding a microeconomic section on environmental technical change, a discussion of the significance of technical change for a sustainable development and a considerably extended macroeconomic section on economic growth.

Microeconomic policies, dealing with individual industries and economic sectors, have traditionally addressed environmental concerns, but increasingly the environment is being viewed in terms of the macro economy. To improve its understanding of the interrelationship between macroeconomics and the environment, the IMF held a seminar in May 1995 at which recognized experts from academic and research institutions, nongovernmental organizations, and staff from the World Bank and the IMF shared their views on how macroeconomic policies affect the environment and how environmental policies affect the macro economy. The present volume, edited by Ved P. Gandhi, contains the papers and proceedings of this seminar.

The Economics of Sustainable Food details the true cost of food for people and the planet. It illustrates how to transform our broken system, alleviating its severe financial and human burden. The key is smart macroeconomic policy that moves us toward methods that protect the environment like regenerative land and sea farming, low-impact urban farming, and alternative protein farming, and toward healthy diets. The book's multidisciplinary team of authors lay out detailed fiscal and trade policies, as well as structural reforms, to achieve those goals. Chapters discuss strategies to make food production sustainable, nutritious, and fair, ranging from taxes and spending to education, labor market, health care, and pension reforms, alongside regulation in cases where market incentives are unlikely to work or to work fast enough. The authors carefully consider the different needs of more and less advanced economies, balancing economic development and sustainability goals. Case studies showcase successful strategies from around the world, such as taxing foods with a high carbon footprint, financing ecosystems mapping and conservation to meet scientific targets for healthy biomes permanency, subsidizing sustainable land and sea farming, reforming health systems to move away from sick care to preventive, nutrition-based care, and providing schools with matching funds to purchase local organic produce.--Amazon.

Dialogue on global warming has progressed from the Kyoto Protocol to meetings in Copenhagen and Cancun and will soon resume in meetings in South Africa. Some observers consider the Copenhagen conference a failure. EU representatives, in contrast, present an optimistic evaluation of achieving a global temperature rise limit of not more than 2°C by 2100. Geoscience researchers and lead investigators of the Intergovernmental Panel on Climate Change (IPCC) have supported CO2 emission reduction pledges and contend that we can achieve the 2°C limit through international coordination. This position conflicts with evaluations of United States Congressional and Presidential advisors, who do not believe the Copenhagen CO2 reduction commitments can hold the global warming increase to below 2°C and who have not supported the agreement. Developing countries are alarmed, because climate change is expected to hit them hardest. The developed world will use energy to mitigate global warming effects, but developing countries are more exposed by geography and poverty to the most dangerous consequences of a global temperature rise. The Oxford Handbook of the Macroeconomics of Global Warming analyzes the macroeconomics of global warming, especially the economics of possible preventative measures, various policy changes, and potential effects of climate change on developing and developed nations.

A comprehensive, rigorous, and up-to-date introduction to growth economics that presents all the major growth paradigms and shows how they can be used to analyze the growth process and growth policy design. This comprehensive introduction to economic growth presents the main facts and puzzles about growth, proposes simple methods and models needed to explain these facts, acquaints the reader with the most recent theoretical and empirical developments, and provides tools with which to analyze policy design. The treatment of growth theory is fully accessible to students with a background no more advanced than elementary calculus and probability theory; the reader need not master all the subtleties of dynamic programming and stochastic processes to learn what is essential about such issues as cross-country convergence, the effects of financial development on growth, and the consequences of globalization. The book, which grew out of courses taught by the authors at Harvard and Brown universities, can be used both by advanced undergraduate and graduate students, and as a reference for professional economists in government or international financial organizations. The Economics of Growth first presents the main growth paradigms: the neoclassical model, the AK model, Romer's product variety model, and the Schumpeterian model. The text then builds on the main paradigms to shed light on the dynamic process of growth and development, discussing such topics as club convergence, directed technical change, the transition from Malthusian stagnation to sustained growth, general purpose technologies, and the recent debate over institutions versus human capital as the primary factor in cross-country income differences. Finally, the book focuses on growth policies—analyzing the effects of liberalizing market competition and entry, education policy, trade liberalization, environmental and resource constraints, and stabilization policy—and the methodology of growth policy design. All chapters include literature reviews and problem sets. An appendix covers basic concepts of econometrics.

Macroeconomic policies have devastating effects on the environment. They shape the economic processes that drive deforestation, soil erosion, the exhaustion of living marine resources, greenhouse gas emissions, and the massive loss of biodiversity. Despite this, the vital connection between macroeconomic policies and the environment has thus far received little attention by the academic and the policy-making communities. Rethinking Macroeconomics for Sustainability reveals the linkages between monetary, financial and fiscal policies, and the environmental degradation that threatens the planet's biosphere. In doing so, it examines the complex lines of transmission from policy priorities all the way down to the effects at the local level, as well as analyzing the deep-seated relationship between macroeconomic policy models and their impacts on growth, peoples' livelihoods and the environment. Besides exploring the relation between macroeconomic and climate change policies, as well as efforts to 'green' the world economy, the book considers five key case studies in Latin American economies. Going beyond this, it also sets out specific policy recommendations, both at the national and international levels. All this is based on the incontrovertible premise that macroeconomic policies must to be redesigned in order to attain long-term sustainability objectives, and that monetary and fiscal policies are as important for environmental stewardship as they are for growth and prosperity.

How well do our assumptions about the global challenges of energy, environment and economic development fit the facts? Energy prices have varied hugely between countries and over time, yet the share of national income spent on energy has remained surprisingly constant. The foundational theories of economic growth account for only about half the growth observed in practice. Despite escalating warnings for more than two decades about the planetary risks of rising greenhouse gas emissions, most governments have seemed powerless to change course. Planetary Economics shows the surprising links between these seemingly unconnected facts. It argues that tackling the energy and environmental problems of the 21st Century requires three different domains of decision-making to be recognised and connected. Each domain involves different theoretical foundations, draws on different areas of evidence, and implies different policies. The book shows that the transformation of energy systems involves all three domains - and each is equally important. From them flow three pillars of policy – three quite distinct kinds of actions that need to be taken, which rest on fundamentally different principles. Any pillar on its own will fail. Only by understanding all three, and fitting them together, do we have any hope of changing course. And if we do, the oft-assumed conflict between economy and the environment dissolves – with potential for benefits to both. Planetary Economics charts how.