Possibilities and Difficulties of Implementing an Optimal International Climate Policy

Abstract

In my study, I examine the possibility of developing a global climate policy. I assess the possible solutions formulated by Nordhaus and Weitzman for the creation of a new institutional system of international environmental policy,  and I examine the reality of international climate policy  cooperation. In my analysis, I intend to combine the approaches of mainstream economics and institutional  economics, pointing out that institutional embeddedness  significantly influences the success of climate policy.