Economics paper says The Precautionary Principle should not be used as basis for climate change decisions

A paper published in the journal The Economist's Voice says that the increasingly popular 'Precautionary Principle' should not be used as a basis for decision making regarding climate change, and that "Taken seriously, it can be paralyzing, providing no direction at all. In contrast, balancing costs against benefits can offer the foundation of a principled approach for making difficult decisions."

Full paper available here

The Precautionary Principle as a Basis for Decision Making

Robert W. Hahn 

University of Oxford, Smith School; University of Manchester; Georgetown University

Cass R. Sunstein 

Harvard Law School

The Economist's Voice, Vol. 2, No. 2, Article 8, 2005 
Abstract:      
Over the coming decades, the increasingly popular "precautionary principle" is likely to have a significant impact on policies all over the world. Applying this principle could lead to dramatic changes in decision making. Possible applications include climate change, genetically modified food, nuclear power, homeland security, new drug therapies, and even war.

We argue that the precautionary principle does not help individuals or nations make difficult choices in a non-arbitrary way. Taken seriously, it can be paralyzing, providing no direction at all. In contrast, balancing costs against benefits can offer the foundation of a principled approach for making difficult decisions.