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Conventional economic analysis of stringent climate change mitigation policygenerally concludes various levels of economic slowdown as a result ofsubstantial spending on low carbon technology. Equilibrium economics howevercould not explain or predict the current economic crisis, which is of financialnature. Meanwhile the economic impacts of climate policy find their sourcethrough investments for the diffusion of environmental innovations, in parts afinancial problem. Here, we expose how results of economic analysis of climatechange mitigation policy depend entirely on assumptions and theory concerningthe finance of the diffusion of innovations, and that in many cases, resultsare simply re-iterations of model assumptions. We show that, while equilibriumeconomics always predict economic slowdown, methods using non-equilibriumapproaches suggest the opposite could occur. We show that the solution tounderstanding the economic impacts of reducing greenhouse gas emissions lieswith research on the dynamics of the financial sector interacting withinnovation and technology developments, economic history providing powerfulinsights through important analogies with previous historical waves ofinnovation.

Complexity, economic science and possible economic benefits of climate change mitigation policy