Journal Press India^®

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Climate change presents a unique challenge for economics: it is the greatest and widest-ranging market failure ever seen. The economic analysis must therefore be global, deal with long time horizons, have the economics of risk and uncertainty at centre stage, and examine the possibility of major, non-marginal change.
Economics has much to say about assessing and managing the risks of climate change, and about how to design national and international policy responses for both the reduction of emissions and adaptation. The present paper draws on ideas and techniques from most of the important areas of economics, including many recent advances.

Keywords

Climate Change, Mitigation, Adaptation.

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