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608 pages, Hardcover
First published May 25, 2021
To Schelling, the intangible qualities associated with life were not that different form other consumer goods. We put a value on pain when, through the market, we set a price for Ibuprofen and a value on pleasure when we set a price for Pepsi. ... Schelling argued that what mattered was that these judgements on the value of intangibles were made by the general population and not by economists.
First, unlike most consumer goods, life is what some economists term a non-positional good. That means that no part of a life's value stems form the ownership of comparable goods by others. We do not feel any better off when those around us have less life [ed. I can think of a few exceptions], though we may feel better off when we have a nicer car. In contrast, drawing on a host of evidence form behavioural trials, Robert Frank posits that the value of many consumption goods is partly based on how they affect the person's actual or perceived position. ... Evidence shows that workplace safety and risk of death are valued in absolute terms. People will support measures that increase their life expectancy even if it increases the life expectancy of others by more. Frank concludes that life is the one unequivocal non-positional good.
It seems odd to have to state it, but life is different from a Pepsi.
I sat in the UN General Assembly hall as these words cut through th assembled presidents, prime ministers, business leaders and other 'dignitaries.' People, like me, who were there because they felt they were committed to addressing climate change. To growing high-paying, sustainable jobs in all our economies. We had entered feeling pretty good about ourselves. We weren't the deniers. We recognized the risks. We were among the vanguard with pragmatic solutions to what we knew was the world's biggest challenge.
And yet there it was in black and white, with the clarity and certainty of youth: we were failing.
In the ensuing months, I would meet Greta Thunberg a few times. ... This Swedish teenager challenges with a clarity and force of reason that belie her age. She reinforces the remorseless logic of a carbon budget that is rapidly being spent. Her determination lays bare the imperatives of climate physics and the scale of the challenge that we face.
When Greta came to the Bank of England, she interviewed me for a documentary and met our climate team and afterwards we went down to see the gold in our vaults. That gilded hoard, nominally of great value, lying inert in a basement mocked the earlier conversation about the resources needed to fight climate change. With her, you are always conscious of misplaced priorities, of the time slipping away, of the need to rearrange national priorities and act. Now.