Weitzman on Stern

Some months ago, Stern Review, was published and "shocked" global community with its harsh environmental prediction, especially the cost that future generations will have to bear regarding global warming and environmental degradation. Nevertheless, the Stern Report is also a piece of pure economic analysis concerning environmental issues. And if so, we have to judge it also of its economic value. Martin Weitzman was delegated from JEL to write a paper on the Stern Review. Even though I did not have a chance to read the paper carefully, I think (from a rather quick scan) that it is pretty interesting. The resume of Weitzman is that the Stern Review may be true, but completely different reasons than that raised by Stern.

"History will judge whether the economic analysis of the Stern Review was more wrong or more right, and, if it was more right, whether as pure economic analysis it was right for the right reasons or it was right for the wrong reasons."