The Global Environment, Natural Resources, and Economic Growth

The Global Environment, Natural Resources, and Economic Growth

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Recently, the public attention has turned toward the intricate interrelation between economic growth and global warming. This book focuses on this nexus but broadens the framework to study the issue. Growth is seen as global growth, which affects the global environment and climate change. Global growth, in particular high economic growth rates, imply a fast depletion of renewable and non-renewable resources. Thus this book deals with the impact of the environment and the effect of the exhaustive use of natural resources on economic growth and welfare of market economies as well as the reverse linkage. It is arranged in three parts: Part I of the book discusses the environment and growth. There, Greiner and Semmler incorporate the role of environmental pollution into modern endogenous growth models and use recently developed dynamic methods and techniques to derive appropriate abatement activities that policymakers can institute. Part II looks at global climate change using these same growth models. Here, too, the authors provide direct and transparent policy implications. More specifically, the authors favour tax measures, such as a carbon tax, over emission trading as instruments of mitigation policies. Part III evaluates the use and overuse of renewable and non-renewable resources in the context of a variety of dynamic models. They, in particular, consider the cases when resources interact as an ecological system and analyze issues of ownership of resources as well as policy measures to avoid the overuse of resources. In addition, not only intertemporal resource allocation but also the eminent issues relating to intertemporal inequities, as well as policy measures to overcome them, are discussed in each part of the book.show more

Product details

  • Hardback | 224 pages
  • 154 x 238 x 20mm | 458.13g
  • Oxford University Press Inc
  • New York, United States
  • English
  • 26 line illustrations
  • 019532823X
  • 9780195328233
  • 2,020,062

Review quote

This book offers a substantial and significant achievement from these two representatives of the Bielefeld School. Using endogenous growth theory, they construct a sophisticated, general model of the interaction between growth and the environment, and then show specifically using empirical data how it can be used to analyze policy regarding global warming, and problems of renewable and nonrenewable resource management in a nonlinear dynamic context. It provides examples of how conventional policy nostrums may not always work. This book should be required reading for serious students of these matters. * J. Barkley Rosser, Jr., James Madison University * Can economic growth continue in the face of environmental and resource constraints? Or rather, what kind of growth can continue in the face of such constraints? And what kinds of institutions are needed to bring about this growth? Clearly there are few questions that are of more significance for humanity. Greiner and Semmler bring tools of sophisticated economic theory to play in exploring the answers to these questions. Their analysis is thought-provoking and instructive, and is strongly recommended to anyone who wants to explore these issues deeply. * Geoffrey Heal, Paul Garrett Professor of Public Policy and Corporate Responsibility, Columbia Business School and School of International and Public Affairs * Issues concerning the global environment, natural resources and economic growth are at the heart of a great deal of current political and social debate. Greiner and Semmler in this book address these issues within the framework of modern economic theory, in particular applying the techniques of intertemporal optimal growth theory. They develop an integrated framework for the study of environmental and climate issues as well as those concerning renewable and non-renewable resources. As a result they present a range of simple models that give policy insights and policy recommendations. This book should be of interest to applied economists, climate change modellers and environmental policy makers. * Professor Carl Chiarella, School of Finance and Economics, University of Technology, Sydney *show more

About Alfred Greiner

Alfred Greiner is professor of Economics at Bielefeld University. His research interests are in dynamic macroeconomics with special emphasis on topics in economic growth and fiscal policy. He has published numerous articles and was invited to author the survey article "Models of Economic Growth" for the UNESCO Encyclopedia of Life Support Systems. Willi Semmler is Chair and Professor of Economics at New School University, co-director of the Center for Empirical Macroeconomics, Bielefeld University and Research Fellow at the Bernard Schwartz Center for Economic Policy Analysis. He is the author of numerous articles and several books including Stochastic Dynamic Macroeconomics (OUP, 2006).show more