Policy Analysis, Welfare Economics, and the Greenhouse Effect

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Abstract
Welfare economics is evaluated as a framework for setting policy with respect to the greenhouse effect. It is found to be unpromising for three reasons: (1) The concept of discounting leads to the view that events in the further future have no value, (2) the baselines necessary to use welfare-economic decision rules cannot be established, and (3) no nonparadoxical answer can be given to the question: How should we value the welfare of future persons? As analysts begin the task of formulating policy with respect to the greenhouse effect they will need tools other than thoser provided by welfare economics.

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