Humanity is risking the health of the natural environment through a myriad of interventions, including the atmospheric emission of trace gases such as carbon dioxide, the use of ozone-depleting chemicals, the engineering of massive land-use changes, and the destruction of the habitats of many species. It is imperative that we learn to protect our common geophysical and biological resources. Although scientists have studied greenhouse warming for decades, it is only recently that society has begun to consider the economic, political, and institutional aspects of environmental intervention.
Coping with the challenges of global warming is a daunting task for both scientists and economists, who must understand future changes, and for policy makers, who must ultimately choose policies to balance risks and costs. Managing the Global Commons presents a unique effort to encompass economic, scientific, and policy aspects of this great geophysical experiment.Managing the Global Commons provides a detailed analysis of the DICE model (Dynamic Integrated model of Climate and the Economy) as well as an extensive analysis of the model's results.
These essays all focus on and present new work in areas of research that Franco Modigliani has developed during his career - corporate finance, savings behavior, and macroeconomic theory. They are substantive contributions to the literature as well as evaluations of Modigliani's work.Ten of the twelve essays in this book appear for the first time; they were presented in Modigliani's honor at a conference held on Martha's Vineyard in September 1985 one month before it was announced that he had been awarded the Nobel Prize in economics.