The Paris agreement involves estimates of future damages because of global warming assumed to be caused by burning of fossil fuels. Looking into the numbers raises a surprising predicament, as explained by Ronald Bailey of Reason Magazine. The title of his article points to the problem:
Climate Change Will Reduce Incomes in 2100 from $97,000 to $95,000
Set aside the flawed science claiming CO2 is the climate control knob, even the damage estimates pale in comparison with the march of prosperity. Bailey works with the numbers from alarmist economists Nordhaus and Moffatt. Excerpt below with my bolds.
The Yale economist William Nordhaus has spent decades using a combination of econometric and climate models to estimate global warming’s future effects. He isn’t the only researcher who’s been attempting to make such projections…
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