[Download PDF/Epub] Worst-Case Economics: Extreme Events in Climate and Finance - Frank Ackerman
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Detail Worst-Case Economics: Extreme Events in Climate and Finance
Author : Frank Ackerman
Pages : 250 pages
Publisher : Anthem Press
Language :
ISBN-10 : 1783087137
ISBN-13 : 9781783087136
Synopsis Worst-Case Economics: Extreme Events in Climate and Finance
Why do climate and financial crises pose such extreme risks? And what does it take to respond effectively to those risks? Extreme weather events - storms and sea-level rise, heat waves, droughts and floods - seem ever more common and extreme, while scientists warn of even greater climate risks ahead. Financial failures on the scale of 2008 make a mockery of the supposed efficiency of the market economy. None of this would be possible in the world as imagined by conventional economics - an imaginary land of gradualism, equilibrium, well-informed rationality and the win-win solutions dealt by the invisible hand.The erratic rhythm of boom and bust in financial markets could be explained either by the patterns of crowd-following behaviour among investors, or by the unequal distribution of wealth (and the impact of the largest investors on the markets). Climate crises reflect the fact that natural systems can reach tipping points or critical transitions, where gradual change gives way to