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Lecture

Climate Economics: Solar Radiation Management

Description

This lecture covers the economics of climate change, focusing on solar radiation management as a potential solution. It discusses the effectiveness, risks, and governance of solar radiation management, highlighting the potential for unilateral action and the challenges of large externalities and uncertainties. The lecture also explores the concept of preferences in economics, tracing the evolution of value attribution from the classical to neoclassical periods and the challenges of static preferences in mitigating climate change. It delves into the dilemma of changing preferences, analyzing policy levers and the potential for social transformation. The session concludes with a discussion on preference change, examining the methods and challenges of altering individual and societal preferences.

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Related concepts (22)

Social change

Social change is the alteration of the social order of a society which may include changes in social institutions, social behaviours or social relations. Sustained at a larger scale, it may lead to social transformation or societal transformation. Social change may not refer to the notion of social progress or sociocultural evolution, the philosophical idea that society moves forward by evolutionary means. It may refer to a paradigmatic change in the socio-economic structure, for instance the transition from feudalism to capitalism, or hypothetical future transition to some form of post-capitalism.

Economic growth

Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting.

Economic analysis of climate change

The economic analysis of climate change explains how economic thinking, tools and techniques are applied to calculate the magnitude and distribution of damage caused by climate change. It also informs the policies and approaches for mitigation and adaptation to climate change from global to household scales. This topic is also inclusive of alternative economic approaches, including ecological economics and degrowth. Economic analysis of climate change is considered challenging as it is a long-term problem and has substantial distributional issues within and across countries.

Innovation

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.

Institution

Institutions (singular: institution) are humanly devised structures of rules and norms that shape and constrain individual behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions and norms are all examples of institutions. Institutions vary in their level of formality and informality. Institutions are a principal object of study in social sciences such as political science, anthropology, economics, and sociology (the latter described by Émile Durkheim as the "science of institutions, their genesis and their functioning").

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