CZECH ECONOMIC REVIEW
CZECH ECONOMIC REVIEW
The Czech Economic Review (CER) presents original, rigorously peer-reviewed research in economics with solid microeconomic grounds. Coverage includes both theoretical and methodological articles (game theory, mathematical methods in economics) as well as empirical articles (political economy, institutional economics, and public economics). CER encourages also short communications (usually limited to 2,000 words) that provide an instrument of rapid and efficient dissemination of new results, models and methods in above mentioned fields of economic research. One of the primary purposes is to serve as a common ground for economists and political scientists who explore political economy from a formal perspective (positive political economy, public choice and social choice, political economics). Another goal is to attract key contributions of gifted European junior economists. Journal is indexed in international bibliographical databases Scopus, EconLit, EBSCO, RePEc, CEEOL, and Google DOAJ.
The Czech Economic Review is published by Charles University in Prague. The journal has been established in year 2007 as a descendant to a traditional Czech-written outlet, Acta Universitatis Carolinae Oeconomica (AUCO). Three issues are published per volume. All articles and communications are available online for free. Printed copies can also be ordered.

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e-mail auco@fsv.cuni.cz

Univerzita Karlova v Praze
Fakulta sociálních věd
Institut ekonomických studií
Opletalova 26
110 00 Praha

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CZECH ECONOMIC REVIEW, Vol 2015 No 1 (2016), 7–35

Climate Change, Collapse and Social Choice Theory

Norman Schofield

zveřejněno: 19. 10. 2015

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.

klíčová slova: The enlightenment; climate change; black swan events; dynamical models

157 x 230 mm
vychází: 3 x ročně
ISSN: 1802-4696
E-ISSN: 1805-9406

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