Carolannie"For example, economists assumed that damages scale as T2, meaning that going from 1°C of warming to 2°C increased damages by a factor of 4. Where did they get this? They made it up! As Pindyck said: “no data, no theory”, it has as firm a basis as astrology."
#ClimateChange #EconomicFallacies #EconomistsGoneRogue
Climate economics has let us down
A common argument from climate change minimalists is that its impact on the economy by 2100 will be negligible. They suggest that even if climate change reduces the global GDP by a few percent, the economy will still be significantly larger, perhaps 20 times its current size. So, a slight reduction to 19.7 times larger is seen as a minor issue, suggesting economic growth will offset climate change's impacts. You can see the argument in action