Thinking About Carbon Dioxide: Theoretical and Empirical Aspects of Optimal Control Strategies
The scientiﬁc and policy discussion about the CO2 problem can be divided into three diﬀerent parts: (a) understanding the carbon cycle and climatic eﬀects of CO2 elevation; (b) understanding the economic and social impacts of CO2 and estimating abatement strategies; and (c) weighing the costs and beneﬁts in (a) and (b) to set appropriate policies. Up to now, almost all scientiﬁc work has gone into (a); a handful of papers discusses (b); but there have been no attempts to pursue (c), that is to weigh scientiﬁc and economic evidence so as to give guidance on national or global policies. The present study attempts to use the basic principles of growth economics to start a discussion of policy responses to the CO2 problem.
Nordhaus, William D., "Thinking About Carbon Dioxide: Theoretical and Empirical Aspects of Optimal Control Strategies" (1980). Cowles Foundation Discussion Papers. 801.