Climate Change, Collapse and Social Choice Theory

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Title:Climate Change, Collapse and Social Choice Theory
Creators:
Schofield, Norman
Journal or Publication Title:
Czech Economic Review, 9, 1, pp. 7-36
Uncontrolled Keywords:The enlightenment, climate change, black swan events, dynamical models

Abstract

The enlightenment was a philosophical project to construct a rational society without the need for a supreme being. It opened the way for the creation of market democracy and rapid economic growth. At the same time economic growth is the underlying cause of climate change, and we have become aware that this may destroy our civilization. The principal underpinning of the enlightenment project is the general equilibrium theorem (GET) of Arrow and Debreu (1954), asserting the existence of a Pareto optimal price equilibrium. Arrow’s work in social choice can be interpreted as an attempt to construct a more general social equilibrium theorem. The current paper surveys recent results in social choice which suggests that chaos rather than equilibrium is generic. We also consider models of belief aggregation similar to Condorcet’s Jury Theorem and mention Penn’s theorem on existence of a belief equilibrium. However, it is suggested that a belief equilibrium with regard to the appropriate response to climate change depends on the creation of a fundamental social principle of “guardianship of our planetary home.” It is suggested that this will involve conflict between entrenched economic interests and ordinary people, as the effects of climate change make themselves felt in many countries.

Official URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=70C3A2F5-EC7D-4FC2-8F68-BD506163599F&articleid=3509463D-0BB4-4224-972B-455BBBF59EB5

Title:Climate Change, Collapse and Social Choice Theory
Creators:
Schofield, Norman
Uncontrolled Keywords:The enlightenment, climate change, black swan events, dynamical models
Subjects:H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HF Commerce
Divisions:Section of external journals > AUCO Czech Economic Review
Journal or Publication Title:Czech Economic Review
Volume:9
Number:1
Page Range:pp. 7-36
ISSN:1802-4696
Publisher:Charles University
Related URLs:
URLURL Type
http://auco.cuni.czPublisher
http://avi.lib.cas.cz/node/183Publisher
ID Code:8472
Item Type:Article
Deposited On:20 Oct 2015 12:54
Last Modified:20 Oct 2015 10:54

Citation

Schofield, Norman (2015) Climate Change, Collapse and Social Choice Theory. Czech Economic Review, 9 (1). pp. 7-36. ISSN 1802-4696

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