Article Summary
The article highlights the need for economists to look beyond material standard of living and consider the existential threat of climate change. Economist Ross Garnaut is presented as a prophetic thinker who sees the potential of clean energy and its ability to minimize economic cost during the transition. Australia’s abundance of sun and wind, and the possibility of structural change, are also discussed.
What This Means for You
- Recognize the importance of considering climate change as a critical factor in economic thinking.
- Understand that natural endowments can change, and governments may need to intervene to facilitate this change.
- Consider the potential of renewable energy as a new source of comparative advantage and export income.
- Be aware of the potential for renewable energy to reduce global emissions and contribute to climate change solutions.
Original Post
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Key Terms
- Economist prophet
- Clean energy transition
- Comparative advantage
- Renewable energy exports
- Global emissions reduction
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