Policies under consideration within the Climate Convention would impose CO2 controls on only a subset of nations. A model of economic growth and emissions, coupled to an analysis of the climate system, is used to explore the consequences of a sample proposal of this type. The results show how economic burdens are likely to be distributed among nations, how carbon "leakage" may counteract the reductions attained, and how policy costs may be influenced by emissions trading. We explore the sensitivity of results to uncertainty in key underlying assumptions, including the influence on economic impacts and on the policy contribution to long-term climate goals.

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The economic aspects of education are conventionally not separated from its other features.This reflects wisdom, on the one hand, for all the social characteristics of education are closely bound together. On the other hand it may reflect despair at extricating the seemingly inextricable personal, sociological and political elements from the economic. Yet the current surge of enthusiasm for education rests to a considerable degree on presumptions of its economic benefits.The recent attempts to measure "human capital" and the rate of return on it are efforts to explore the basis for these presumptions and, in this way, to establish economic criteria for education. In this paper I will criticize the use of rate of return criteria for education and suggest an alternative approach.Criteria, if they deserve the name, must serve to discriminate among the alternative policies which are faced. In the field of oducation, economic criteria must help to decide how much of what kind of education is to be given. "Moro" or "less" are unacceptable as "criteria" as they are useless to the educational planner or budget maker who must decide on enrollments and expenditures.Investigation of the economic aspects of education does not domean its other aspects but should, in fact, help to put them.iin aloarorIlight.It is an attempt to remove some of the mystique from a sector which already absorbs substantial resources and to which it is widely urgod moro resources should go.In such an analysis it is necessary first of all to have a clear understanding of the special economic charactoristics of education and oducatod labor. That will be the objective of Section I. The conclusions of * The author is indebted to the Rockefeller Foundation for assistance in the research upon which this paper is based.Section I will ho usod in Section II to ovaluato tho working of the "prico systom" in education and critoria for oducation based on it. In Soction III an altornativo approach to tho formulation of criteria for oducation is proposed and some illustrative ompirical results prosonted. Section IV will discuss briofly the application of this approach to education and manpowor planning. I. The Spocial Economic Characteristics of EducationTo organize the analysis it is useful to distinguish the demand and supply influoncos for training and education and those for trainod and oducatod labor and to trace the intorconnecting relations. Educatod labor is a durable productivo factor and education is the processing which adds qualities to that factor. Education may be thought of as analogous to the investment process which "develops" natural rosourcos. This, briofly, is the rationale for tho troatmont of educated labor as a capital stock and of education as a capital goods producing industry. There are important and essential rolations between the two. However just as the construction industry is not confused with a hydroelectric installation, tho oconomics of the "education industry" should not be taken as identical to tho economics of educated and tra...

Reduction of radiative forcing effects in different future periods of greenhouse gas emissions that occur at different times and places can be expected to impose different economic costs. These opportunity cost valuations must be used to weight the effects of a greenhouse gas emission over its lifetime. That leads to the concept of the Emissions Opportunity Cost (EOC) of a greenhouse gas emission. While this is more difficult to measure, it is the essential guide to policy.