Cost-benefit analysis of climate change – A methodological overview of recent studies

Global warming16 has already begun. Climate change has become a self-propelling and self-reinforcing process as a result of the externality associated with greenhouse- gas (GHG) emissions. Although it is an externality related to humankind, according to a number of unique features we should distinguish it from other externalities. Climate change is a global phenomenon in its causes and consequences. The long-term and persistent impacts of climate change will likely continue over centuries without further anthropogenic mechanism. The preindustrial (equilibrium) level of GHG concentration in the atmosphere cannot be restored since it is irreversible, but if we do not stabilise the actual level of atmospheric concentration, the situation will become much worse than it is now. Assessing the impacts of climate change requires careful considerations because of the pervasive uncertainties and risks associated with it.

Cost-Benefit Analysis of Climate Change (a Methodological Overview of Recent Studies)

This paper examines the methodological aspect of climate change, particularly the aggregation of costs and benefits induced by climate change on individuals, societies, economies and on the whole ecosystem. Assessing the total and/or marginal costs of environmental change is difficult because of wide range of factors that have to be involved. The subsequent study tries to capture the complexity of cost assessment on climate change therefore includes several critical factors such as scenarios and modeling, valuation and estimation, equity and discounting.

Átmenettan és közgazdaságtan. Módszertani tanulságok egy részterület műveléséből (Transitology and economics. Methodological lessons to be drawn from work in a partial territory)

Az akadémiai székfoglaló előadás a teljesség igénye nélkül arra a kérdésre keresi a választ, hogy a posztkommunista átalakulás tanulmányozása milyen hasznosítható tanulságokkal szolgált a közgazdasági elmélet művelőinek szélesebb köre számára. Megállapítja, hogy - a világ közgazdaságtanában folyó megújulással párhuzamosan - a módszertani pluralizmus, ezen belül a történeti, az intézményi és az összehasonlító gazdaságtani közelítés visszahelyezése jogaiba, valamint az egyoldalúan csak a matematikai formalizálást előtérbe állító megoldások visszaszorulása figyelhető meg. _____ This inaugural lecture delivered on receiving membership of the Hungarian Academy of Sciences seeks, without attempting completeness, to examine what useful lessons could be drawn from study of the post-communist transformation for practitioners in wider fields of economics. It establishes that methodological pluralism, including the rights of historical, institutional and comparative economic approaches, is being relegated by the renewal taking place in world economics. This can be seen to be constricting the approaches that place mathematical formalism to the fore.