Bridging Economics and Environment, Unurjargal Nyambuu et Willi Semmler, Sustainable Macroeconomics, Climate Risks, and Energy Transitions: Dynamic Modeling, Empirics, and Policies, Cham, Springer, 2023

In light of the industrialized world’s deep-rooted reliance on fossil fuels and the urgent need to stay within the planet's carbon budget, the book Sustainable Macroeconomics, Climate Risks, and Energy Transitions: Dynamic Modeling, Empirics, and Policies ( Springer, 2023), authored by Professors Unurjargal Nyambuu and Willi Semmler, explores the intricate challenges of combating climate change and shifting towards a low-carbon economy. This work addresses the nuanced balance required between immediate climate actions and medium-term transition policies, providing a thorough and insightful guide to navigating the complexities and contradictions that characterize climate policy. The book provides a profound examination of the complex interplay between macroeconomic stability, climate risks, and energy transitions. This book provides a thorough and insightful examination of empirical trends in carbon-intensive resource use, offering a critical analysis of the short-term market dynamics that worsen environmental degradation. It emphasizes the urgent need for a medium-term macroeconomic perspective and advocates for a transformative shift toward a sustainable macroeconomic framework. Through a detailed exploration of historical models and rigorous empirical and numerical assessments of dynamic climate models, the book meticulously evaluates a variety of policy options within their historical contexts. The authors, Professors Unurjargal Nyambuu and Willi Semmler, are internationally renowned economists whose contributions to their fields are held in the highest regard. Nyambuu serves as an Associate Professor of Economics at the City College of Technology (City Tech), a part of The City University of New York (CUNY). A distinguished graduate of Peking University, she completed her Ph.D. at The New School in New York. Her career includes advising governments and financial institutions globally, and collaborations with economists from the IMF, World Bank, and Southeast Asian central banks. Semmler is a German-born American economist, holds the position of Arnhold Professor of International Cooperation and Development at The New School in New York. He is a globally acclaimed authority on Non-Linear Macrodynamics, Macroeconometric Modeling, and the Macroeconomics of Sustainable Development and Climate Change. Additonally, he is affiliated with the Columbia University Center on Capitalism and Society, founded and directed by Nobel Laureate Edmund Phelps. I have had the privilege of knowing Semmler personally for over forty years and was honored to have him serve on the Defense Committee for my Ph.D. thesis at The New School, N.Y. He has also worked closely with my mentors and co-directors, professor Edward Nell of The New School, N.Y, Nobel Laureate professor Wassily Leontief of New York University and Nobel Laureate professor Robert Mundell of Columbia University. Semmler’s profound theoretical insights and extensive practical experience continue to influence and advance the field of economics, earning my deep admiration throughout his illustrious career. The authors' latest book provides a thorough exploration of the trends and impacts associated with carbon-intensive resource use, offering a critical examination of how short-term market behaviors contribute to environmental degradation. Emphasizing the need for a medium-term macroeconomic perspective, the book argues for a fundamental shift towards a framework of sustainable macroeconomics. By meticulously analyzing historical economic models and conducting rigorous empirical and numerical evaluations of dynamic climate models, the authors present a compelling case for new policy approaches. The book integrates empirical data with policy analysis to evaluate various options within their historical contexts, providing valuable insights into effective strategies for achieving environmental and economic sustainability. Key issues addressed include strategic behavior within the energy and resource sectors, the competitive dynamics of emerging energy technologies, and the development of supportive policies to manage climate tipping points. The authors propose a diverse array of market-based strategies, as well as public fiscal, monetary, and financial policies, complemented by long-term planning for resource extraction. These …