Economic Doctrines and Approaches to Climate Change

October 19, 2010

The economic philosophies of public officials have a significant impact on the kinds of policies they embrace, from welfare or taxation to foreign affairs. What about climate change? With climate change and major energy legislation stalled, maybe it is time to put aside fixed philosophical notions and take a practical look on ways to address climate change in an economically feasible way. In the report Economic Doctrines and Approaches to Climate Change, ITIF surveys four competing economic doctrines: conservative neoclassical (supply-side economics), neoclassical liberal ("Rubinomics"), neo-Keynesian economics, and innovation economics, an emerging economic doctrine, and how they shape the present climate change policy debate and solutions. In this event, ITIF unveils the report, reviews the principles and goals of each economic doctrine, and offers a critique of the advantages and limitations of each doctrine's contribution to addressing the challenge of climate change.