Scarcity and Growth Revisited, edited by R. David Simpson, Michael A. Toman, and Robert U. Ayres.
As an armchair observer and occasional user of economics, particularly environmental economics, it's always struck me that scarcity is a bit of an odd duck. It's central to everything I learned in graduate-level introductory economics. In public discussions, though, people coming from an avowed economics perspective often seem to downplay the importance of scarce resources, focusing instead on the ability of people and firms in a free market to innovate themselves away from dire scarcity.
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Earlier this week I was sent an an advanced copy of John Kerry and Teresa Heinz Kerry's new book This Moment on Earth for review. The book is due for release on March 26, so I think the intent was for me to read this and review it before it is released. Unfortunately I am an amazingly slow reader and the release of the book conflicts with finals week, so it's unlikely I will have a chance to read the whole thing before then. Instead, I'm going to offer a thoroughly premature review based on my reading of the jacket, the introduction and the first chapter. As I read the rest, I'll update.
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I read Undercover Economist awhile back and am just now getting around to writing a review because ... heads up to Tim ... I've been so, sniff, busy, sniff.
Here is what I said back in December when I added it to my holiday gift list:
I just sent a head's up to my spouse that I'd like to receive Undercover Economist by Tim Harford as a gift someday (it's late for X-iday but my birth-i-day is coming up). This is in spite of one of the NYTimes reviewer's few complaints (Exposing the economics ...):
... In fact, lively presentation aside, he has written a pretty standard primer, one that defends free markets to a fault and attacks government as the source of just about everything bad.
Predictably, he says that the best way to limit pollution is through free-market incentives; he then goes overboard by suggesting that environmental debates are mere "moral posturing."
I really should read the book before I offer a comment (shouldn't I?), but, here goes ... free market environmentalism doesn't work ALL of the time!
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How to Spend $50 Billion to Make the World a Better Place, ed. by Bjorn Lomborg
$50 billion is 0.2% of the sum of annual U.S. and E.U. GDP. To put that in perspective, 0.2% of a $50,000 income is $100.* If you had $50,000 and you wanted to make the world a better place, why would you limit yourself to $100? Kinda stingy, I think, especially if the money that you're spending is play money (i.e., pretend).
That said, this book is the result of a fantastic idea: assemble the world's best economists, bring in a bunch of other great economists to present the results of benefit-cost analyses of incredibly important problems, have the best economists rank the solutions to the problems from top to bottom in terms of their efficiency and then draw the line at ... an arbitrarily low budget.
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Emissions Trading: Principles and Practice, 2nd Edition, by T. H. Tietenberg
Enjoy this book review by Josh Markle ... (thanks Josh!):
Josh Markle is a graduate student in economics, a freelance writer, and a daily Env-Econ reader residing in Calgary, Alberta, Canada. He has recently re-entered the blogosphere (joshmarkle.typepad.com/blog) and is happy to entertain any of your comments and questions either there or through email (jrmarkle@ucalgary.ca).
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