"Debates over climate change are filled with dire estimates of its cost.
This many trillions of dollars of damage, that large a share of gross domestic product destroyed, so-and-so many lives lost, etc.Where do such figures come from?
Mostly from laughably bad economics.
This has nothing to do with the soundness of climate science.
The games begin when economists get their hands on scientific projections and try to translate temperatures into human impacts. They conduct statistical analyses of the effects that small year-to-year temperature variations have on things like mortality and economic growth, and try to extrapolate to the effect of very large, slow shifts in underlying climate.
This creates absurd estimates that ignore human society’s capacity for adaptation.
This is the latest iteration of the same mistake environmental catastrophists seem insistent on making in every generation.
...But it is as preposterous as it is stunning..."
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