Foreword -- Part I Theoretical Framework of Climate Change Economics -- Chapter 1. Complexity of Climate Change as a Subject in Economics -- Chapter 2. A Critique of Conventional Economic Approaches to Climate Change -- Chapter 3. Climate as a Factor of Productivity -- Chapter 4. A Welfare...

This article proposes and evaluates four hypotheses about US pollution and environmental policy over the last half century. First, air and water pollution have declined substantially, although greenhouse gas emissions have not. Second, environmental policy explains a large share of these trends....