The Economics Of Climate Change
In the long run, we are all dead.” John Maynard KeyÂnes’s apercu is worth keeping in mind when discussing the costs of climate change. Economics has its uses but it’s singularly ill-suited to the making of forecasts that go beyond a person’s lifetime.
Climate change is an intergenerational problem. Its effects are reckoned not in decades but in centuries and even millennia. Despite the work of thousands of scientists much is still unknown about the causes of global warming or, for that matter, global cooling.
The hypothesis that the present warming trend is the result greenhouse gases that had been released into the atmosphere by humans has not been proved either by experiment or by observation. The so-called proof is only in the climate models that were produced by climate scientists with the aid of superÂcomÂputers. And these are the models that economists are using to calculate the costs.
This month, the International Panel on Climate Change (IPCC) will......
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