“Greenhouse gas emissions constitute the greatest market failure the world has seen.” The 2006 Stern Review, in which these words were written, altered the landscape of mainstream climate-change policy and economics. Sir Nicholas, now Lord Stern, with absolute clarity and unassailable logic, laid bare the utter inadequacy of the view that our responses to climate change are best fashioned by the ‘free’ market. In addition, he effectively turned on its head the last argument against taking robust action on climate change that had any shred of credibility by showing that action now, ...
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