In high-income countries, the first generation likely to be substantially impacted by climate change is coming of age, and they are urging us to action. Greta Thunberg is asking us to please panic, while Alexandria Ocasio-Cortez led the writing of the Green New Deal resolution. Their calls are grounded in appeals to “the science”: the physical mechanisms driving climate change and evidence of impacts from the natural sciences. Meanwhile, William Nordhaus was given the Nobel Memorial Prize for Economics for his work on the economics of climate change. His research program has arguably allowed for people to tell us not to panic. Yet, his has not been the only view within economics.
In this presentation, SEI Senior Scientist Eric Kemp-Benedict will briefly survey some of the alternatives and present a simple model for exploring broad alternatives. He will then talk about the role of social and institutional trust in making major systemic changes in a time of uncertainty.