The Stern Review: Implications for Climate Change.

The article looks at the report the "Stern Review of the Economics of Climate Change." The authors for the report were brought together by Sir Nicholas Stern, the former chief economist and senior vice president of the World Bank. The task of the "Stern Review" was to apply the economic paradigm to new knowledge about climate change with the intent of making an economic case for immediate action to reduce emissions of greenhouse gases. According to the article, the "Stern Review" does not conduct a proper optimization exercise, nor does it give any indication of the cost of delay--the very question that skeptics of climate change and critics of climate policy will ask. The article discusses the Intergovernmental Panel on Climate Change.