{"id":201,"date":"2010-12-02T07:00:26","date_gmt":"2010-12-02T12:00:26","guid":{"rendered":"http:\/\/blogs.edf.org\/markets\/?p=201"},"modified":"2010-12-02T09:15:55","modified_gmt":"2010-12-02T14:15:55","slug":"economics-textbooks","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/markets\/2010\/12\/02\/economics-textbooks\/","title":{"rendered":"Not green or brown, just good economics"},"content":{"rendered":"<p>Lord Stern famously calls global warming &#8220;the biggest market failure the world has ever seen.&#8221; It would only be natural for any introductory economics textbook to prepare budding economists to address this problem.<\/p>\n<p>You would think.<\/p>\n<p>Yoram Bauman, otherwise known as the <a href=\"http:\/\/www.standupeconomist.com\/\">Stand-up Economist<\/a>, put together a sobering report:\u00a0<a href=\"http:\/\/www.standupeconomist.com\/blog\/economics\/grading-economics-textbooks-on-climate-change\/\">Grading economics textbooks on climate change<\/a>.<\/p>\n<p>Only four of sixteen books received As.<\/p>\n<p><a href=\"http:\/\/www.standupeconomist.com\/blog\/economics\/grading-economics-textbooks-on-climate-change\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-202\" src=\"https:\/\/blogs.edf.org\/markets\/wp-content\/blogs.dir\/32\/files\/2010\/12\/Grade-A.png\" alt=\"\" width=\"400\" height=\"138\" srcset=\"https:\/\/blogs.edf.org\/markets\/wp-content\/blogs.dir\/32\/files\/2010\/12\/Grade-A.png 400w, https:\/\/blogs.edf.org\/markets\/wp-content\/blogs.dir\/32\/files\/2010\/12\/Grade-A-300x103.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><\/p>\n<p>The others are either out of date, outright wrong, or worse.<\/p>\n<p>It&#8217;s frustrating that even the best texts seem to banish the biggest market failure into sidebars or special chapters toward the end. Sadly that&#8217;s the typical treatment of environmental issues in introductory economics classes: &#8220;First, let&#8217;s discuss all the reasons why the economy is doing just fine. Then, if there&#8217;s time at the end, we&#8217;ll cover some exceptions to those rules.&#8221;<\/p>\n<p><a href=\"http:\/\/www.amazon.com\/gp\/product\/0716771586\/environdefens-20\">Krugman and Wells&#8217;s text<\/a> appears to be the only one that integrates climate considerations into a key chapter, one on &#8220;long-run economic growth.&#8221; That&#8217;s not entirely surprising, given Paul Krugman&#8217;s <a href=\"http:\/\/www.nytimes.com\/2010\/04\/11\/magazine\/11Economy-t.html\">other writings<\/a> on the topic, but it&#8217;s good to know it starts with the introductory text. It would be even better if other texts followed that lead.<\/p>\n<p>(More takes: <a href=\"http:\/\/gregmankiw.blogspot.com\/2010\/12\/grading-econ-textbooks-on-climate.html\">Mankiw<\/a> and <a href=\"http:\/\/www.env-econ.net\/2010\/12\/the-standup-economist-gets-serious.html\">Env-Econ<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many economics textbooks flunk climate science.<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9532,9306],"tags":[],"coauthors":[],"class_list":["post-201","post","type-post","status-publish","format-standard","hentry","category-climate-science","category-market-101"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Not green or brown, just good economics - Market Forces<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/markets\/2010\/12\/02\/economics-textbooks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not green or brown, just good economics - Market Forces\" \/>\n<meta property=\"og:description\" content=\"Many economics textbooks flunk climate science.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blogs.edf.org\/markets\/2010\/12\/02\/economics-textbooks\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Forces\" \/>\n<meta property=\"article:published_time\" content=\"2010-12-02T12:00:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2010-12-02T14:15:55+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/blogs.edf.org\/markets\/wp-content\/blogs.dir\/32\/files\/2010\/12\/Grade-A.png\" \/>\n<meta name=\"author\" content=\"Gernot Wagner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gernot Wagner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/2010\\\/12\\\/02\\\/economics-textbooks\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/2010\\\/12\\\/02\\\/economics-textbooks\\\/\"},\"author\":{\"name\":\"Gernot Wagner\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/#\\\/schema\\\/person\\\/848fa9daa71b0c5e7795b5938249145a\"},\"headline\":\"Not green or brown, just good economics\",\"datePublished\":\"2010-12-02T12:00:26+00:00\",\"dateModified\":\"2010-12-02T14:15:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/2010\\\/12\\\/02\\\/economics-textbooks\\\/\"},\"wordCount\":212,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/2010\\\/12\\\/02\\\/economics-textbooks\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/blogs.edf.org\\\/markets\\\/wp-content\\\/blogs.dir\\\/32\\\/files\\\/2010\\\/12\\\/Grade-A.png\",\"articleSection\":[\"Climate science\",\"Markets 101\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/2010\\\/12\\\/02\\\/economics-textbooks\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/2010\\\/12\\\/02\\\/economics-textbooks\\\/\",\"url\":\"https:\\\/\\\/blogs.edf.org\\\/markets\\\/2010\\\/12\\\/02\\\/economics-textbooks\\\/\",\"name\":\"Not green or brown, just good economics - 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