Some Overdue Environmental Justice In Time for Shavuot
The Jewish festival of Shavuot, which begins at sundown this evening, commemorates the Israelites' receiving of the Torah at Mt. Sinai. Shavuot is thus the paradigmatic lawyers' holiday given its focus on law and justice. This connects nicely with the other two great pilgrimage holidays found in the Jewish Bible, giving us a trinity (so to speak) of three themes: Passover (Freedom); Shavuot (Justice); and Sukkot (Peace). And a little bit of environmental justice...
CONTINUE READINGDiscount Rates and Middle-Class Stagnation
Discount rates are how economists measure the importance of the future versus the present. If the discount rate is low, we care a lot about the future; the reverse is true if the rate is high. It turns out that one of the key factors driving the discount rate -- maybe the key factor -- is whether we expect to get richer in the future.* Small changes in discounts are important in carcinogens due to the 20-30 year latency period between exposure and illness. They are ...
CONTINUE READINGWhy it’s important that we know that we’re at 400 ppm of CO2
A major (and unfortunate) milestone has been crossed this past week. Measurements of atmospheric levels of carbon dioxide passed 400 parts per million, the highest in millions of years. Others have commented on how worrying this milestone is for the planet. But what I want to focus on here is how important it is that we even know that this milestone has been passed. Our understanding of atmospheric carbon dioxide levels is actually relatively new, and it began wit...
CONTINUE READINGThe Insurance Industry Helps Us to Adapt to Climate Change
The NY Times reports that insurance rates are rising in the aftermath of Hurricane Sandy for coastal communities. As I argued back in 2010 in my Climatopolis book, such "price gouging" is good! If insurance markets are competitive, then the rates that insurance companies charge households who seek home insurance will reflect the best guess of the true actuarial probabilities of bad events. Everyone who reads this blog knows that climate change raises the probabi...
CONTINUE READINGWARNING: Individual Research Findings and Economic Models May Not Be Fully Grounded.
A couple of weeks ago, a major paper on the economics of government deficits turned out to have huge flaws. Matt and Jonathan have already had something to say about this, but I'd like to add some thoughts about the implications for environmental issues."Interesting," you say, "But what does that have to do with the environment?" I see two big lessons. The first lesson is about the danger of overreacting to a dramatic research finding, especially when you reall...
CONTINUE READINGAlberta, Open Sewers and the Keystone Pipeline
Al Gore raised the hackles of the Canadian government this week when he criticized the country's large scale extraction of oil from the Alberta tar sands. The tar sand oil reserves are among the world's largest but are particularly energy intensive to extract. That means that extracting oil that will then be burned will emit significantly more greenhouse gases than oil extracted through more conventional means. Gore said that the extraction has led to damage t...
CONTINUE READINGNiall Ferguson, Climate Smear Artist
Big kerfluffle over the weekend concerning remarks by right-wing Harvard Professor Niall Ferguson, who claimed that Keynesian economics is not concerned about the future because Keynes himself was gay and didn't have children. Now, not only is this bigoted, but it is untrue on its own terms: Keynes was married, he was childless because his wife had a tragic miscarriage, and the man himself was deeply committed to future generations; he wrote an essay called "Economic...
CONTINUE READINGEric Cantor Leads the Anti-NSF Chorus
Eric Cantor, the House Majority Leader, is rounding up the good citizens of the country for a campaign against those evil scientists who are wasting society's money. Just check out his YouCut website, which tries to crowd source the search for suspect research funding by NSF. He admits NSF does fund some worthwhile research: including "more than 10,000 new grant awards annually, many of these grants fund worthy research in the hard sciences." Note that the goo...
CONTINUE READINGThe Roberts Court’s Corporate Romance
Forty years ago, before going on the Supreme Court, Lewis Powell wrote a call to arms for business interests, calling on them to counter "enemies of the free enterprise system" like Ralph Nader. Among other things, he recommended a concerted campaign to influence the courts. The campaign seems to have been a success. The NY Times reports today on a new study auggesting that the current Supreme Court is the most business friendly since the end of World War II. In p...
CONTINUE READINGChina’s New Environmental Courts
Pollution in China has been much in the news recently, from premature deaths caused by air pollution to news of thousands of dead pigs found in a Shanghai river. Could law help solve China's environmental problems? My recent post on China Dialogue takes a look at what China's new environmental courts have been able to accomplish so far....
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