Frank Ackerman Books

Focusing on the critical need to address extreme risks, this book delves into the shortcomings of public policy that tends to overlook worst-case scenarios in climate change and financial crises. It examines the underlying causes of these severe threats and proposes necessary remedies to mitigate the most serious risks. By emphasizing the importance of preparing for extreme events rather than just average outcomes, it challenges conventional economic thinking and advocates for a more robust approach to policy-making.

Focusing on the intersection of climate economics and scientific research, the book examines the estimation of climate damages, highlighting the lag of economic models behind empirical findings. It addresses recent insights into uncertainty and catastrophic risk, proposing new decision-making frameworks for extreme scenarios. Additionally, it re-evaluates longstanding debates on discount rates and intergenerational responsibilities through the lenses of finance and ethics. The discussion also delves into the nuanced assumptions surrounding mitigation costs and the often-overlooked economics of adaptation.

Worst-case scenarios are all too real, and all too common. The financial crisis of 2008 was not the first or the last to destroy jobs, homeownership and the savings of millions of people. Hurricanes clobber communities from New York to Bangladesh. How bad will the next catastrophe be, and how soon will it happen? Climate and financial crises are serious events, requiring vigorous responses. Yet public policy is trapped in an obsolete framework, with a simplistic focus on average or likely outcomes rather than dangerous extremes. What would it take to create better analyses of extreme events in climate and finance, and an appropriate policy framework for worst-case risks? ‘Worst-Case Extreme Events in Climate and Finance’ offers accessible and surprising answers to these crucial questions.

Designed for a single-semester undergraduate course, this introductory economics textbook updates traditional macroeconomics to encompass twenty-first century concerns. In contrast to standard texts, the book starts with the question of human well-being, and then examines how economic activities can contribute to or detract from it."Macroeconomics in Context" covers standard macroeconomic concepts and models, and shows how they apply to such critical issues as ecological sustainability, distributional equity, the quality of employment, and the adequacy of living standards. In language that is clear and compelling, the book's discussions of historical, institutional, political, and social factors encourage students to engage with the subject matter. An Instructor's Resource Manual, a Test Bank, and a Student Study Guide are available online to instructors who adopt the text.

According to many scientists, climate change is a growing threat to life as we know it, requiring a large-scale, immediate response. According to many economists, climate change is a moderately important problem; the best policy is a slow, gradual start, to avoid spending too much. They can't both be right.In this book, Frank Ackerman offers a refreshing look at the economics of climate change, explaining how the arbitrary assumptions of conventional theories get in the way of understanding this urgent problem. The benefits of climate protection are vital but priceless, and hence often devalued in cost-benefit calculations. Preparation for the most predictable outcomes of global warming is less important than protection against the growing risk of catastrophic change; massive investment in new, low carbon technologies and industries should be thought of as life insurance for the planet.Ackerman makes an impassioned plea to construct a better economics, arguing that the solutions are affordable and the alternative is unthinkable. If we can't afford the future, what are we saving our money for?Can we Afford the Future? is part of The New Economics series, which uses the ideas behind a new, more human economics to provide a fresh way of looking at major contemporary issues.