Under the Kyoto Protocol, the Clean Development Mechanism (CDM) is designed to serve the dual purposes of allowing the industrialised countries to earn credits by investing in project activities that reduce greenhouse gas (GHG) emissions, while contributing to sustainable development in...

This study considers the validity of an assumption of the representative agent often made in economic models, that the behaviour of an economic group is adequately represented by each member of the group having the identical characteristics of the average. It can be tested whenever sufficient...

The direction of UK energy policy requires a renewed impetus if the goal of climate change stabilization is to be met. Cost is not the main issue: a transformation to a low-carbon energy system may be no more expensive than meeting future energy demands with fossil fuels. Institutional barriers...

This article assesses the feasibility of a 50% reduction in CO₂ emissions by 2050 using a large-scale Post Keynesian simulation model of the global energy-environment-economy system. The main policy to achieve the target is a carbon price rising to $100/tCO₂ by 2050, attained through auctioned...

This is a critical comment on the measure of costs of CO2 emission limits used by A. Manne and R. Richels in a recent publication.

Climate policy choices are influenced by the economics literature which analyses the costs and benefits of alternative strategies for climate action. This literature, in turn, rests on a series of choices about: the values and assumptions underlying the economic analysis; the methodologies for...

The changing strategic climate in Europe has led to considerable speculation about major cuts in military spending. This paper examines the economic implications of such reductions in military spending for the UK. The international economic and strategic context is discussed and then a...