The social cost of carbon (SCC) is a hideous construct of mainstream economics. It is designed to show the economic value to the world of reducing a single unit of greenhouse gas emissions. It provides a number that can then be plugged into cost-benefit calculations.
It’s been a week since the Conference of the Parties (COP) in Bonn, so it must be time to start thinking about Christmas (or in my case this year, my wedding!). But before moving on completely it is worth spending some time reflecting on the events of the last few weeks.
This blog post is the result of a Twitter discussion started by the SIM4NEXUS EU research project and including the economist Kate Raworth, the author of the recently published book ‘Doughnut Economics’.
On the thread there was general agreement that mainstream neoclassical ec…