Economists Are Vastly Underestimating the Economic Impact of Climate Change
The Physics arXiv Blog
When it comes to the climate emergency, the scientific consensus is clear: human activity is heating Earth more rapidly now than at any point in the last 2,000 years. This is causing rapid, widespread changes to our oceans, our atmosphere and our biosphere.
The effects will continue for decades, possibly centuries, to come with dramatic increases in extreme weather events, such as heat waves, forest fires, hurricanes, flooding, ice melts and sea level rises. Indeed, this increase in extreme events is already upon us.
Parts of the planet are likely to become uninhabitable, where temperature increases will make it impossible to live or grow food. And that is likely to trigger patterns of migration with global consequences.
It’s easy to imagine that these changes will have a huge impact on the global economy and our ability to maintain the quality of life we enjoy today.
But according to economists, the economic impact of all this climate change is likely to be minimal. “Economists…