The economics of global warming is back in the news again, so I am blogging this.
The scientific consensus on #ClimateChange is clear, according to RAND experts: t.usnews.com/Zdtrr4 http://t.co/BGRTOag7oe—
RAND Corporation (@RANDCorporation) October 04, 2015
The great tactical victory of environmentalists is keeping the debate on the science going because even if the science is right, the economic costs are small.
Let the climate science be settled. How much will global warming cost is the correct question for policy debate.
Global warming, although real, is not apt to be severe. It will lower the level of GDP by maybe 2%. The loss of one year’s income growth! Courtesy of David Friedman’s reading of the report, this is what the IPCC said this week:
With these recognized limitations, the incomplete estimates of global annual economic losses for additional temperature increases of ~2°C are between 0.2 and 2.0% of income (±1 standard deviation around the mean)
Many of the consequences of global warming will be beneficial – warmer in some places, colder in others; wetter in some places and drier in others. The sea level rises…
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Utopia, you are standing in it! 
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