Is business better than government in dealing with climate change?
Thomas F. Cooley is the Richard R. West Dean and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science. He was appointed Dean of NYU Stern in 2002.
The former President of the Society for Economic Dynamics and a Fellow of the Econometric Society, Dean Cooley has received numerous awards for his teaching and is recognized as a national leader in both macroeconomic theory and business education. He is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms.
Before joining NYU Stern, Dean Cooley was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, Dean Cooley was a systems engineer for IBM Corporation. Dean Cooley received his BS from Rensselaer Polytechnic Institute, and his MA and PhD from the University of Pennsylvania. He also holds a doctorem honoris causa from the Stockholm School of Economics.
Question: Is business better than government in dealing with climate change?
Thomas Cooley: Oh, I think that's absolutely true. So I think business has to see it as profitable, as a profit opportunity. And clearly, it is. So if you look at the investment banks, Goldman Sachs, Lehman Brothers, they all are right in the forefront of investing in climate change because they see it as climate change opportunities, because they see it as just a natural place for them to invest, and a huge opportunity. And clearly it is. So I think that business does have to be in the forefront of it. And you know, the government-- I often think that the government gets in the way of things, you know. The law of unintended consequences always bites when the government tries to be the regulator.
Businesses have to see it as the profit opportunity it is, says Cooley.