The Economics of the Yasuni Initiative: Climate Change As If Thermodynamics Mattered

Climate change lends itself to both political economy and humor. Vogel argues that mainstream economics fails to recognize the thermodynamic nature of climate change, thereby missing the point of Northern appropriation of the atmospheric sink. The payment Ecuador seeks for not drilling in the Yasuní is equitable and efficient. Heeding the call of Deirdre (formerly Donald) McCloskey that economics needs humor, Vogel has written a scathing critique of economics-as-usual which also entertains.

Joseph Henry Vogel is Professor of Economics at the University of Puerto Rico-Río Piedras and serves on the International Tribunal of Climate Justice.

Graciela Chichilnisky has worked extensively in the Kyoto Protocol process, creating and designing the carbon market that became international law in 2005.