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What Stern got wrong

The Stern review on the economics of climate change completely fails to acknowledge the imminent decline in global oil production

By David Strahan   May 2007

The Stern review on the economics of climate change was published to almost universal acclaim, and six months on, only a handful of economists have found anything to criticise. In one sense, Stern’s conclusions were entirely predictable. Now that climate change so clearly has a pistol at the head of our species, there could only be one response, irrespective of cost. But there was also a surprise: paying off the highwayman of climate change would not be extortionate. In fact, it would be an absolute steal. Stern concluded that if we do nothing, the effects of climate change could shrivel…

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