A short thread about the recent claims by some "economists" & #climate skeptics that an 8°C rise in temperature would only cut GDP by 4%:
First, it's complete nonsense. That large a temperature rise would destroy the Arctic, flood every coastal city in the world, cripple (1/n)
First, it's complete nonsense. That large a temperature rise would destroy the Arctic, flood every coastal city in the world, cripple (1/n)
global agriculture, worsen already severe hurricanes, & disrupt water supplies.
Second, if that's only "4%" of GDP, it's time to acknowledge that GDP is a totally useless measure of well being.
Third, a reminder that breaking your leg or crashing your car raises GDP. But... (2/n)
Second, if that's only "4%" of GDP, it's time to acknowledge that GDP is a totally useless measure of well being.
Third, a reminder that breaking your leg or crashing your car raises GDP. But... (2/n)
wiping out a species, destroying an ecosystem, killing 300,000 people in a pandemic has no effect on GDP (or the stock market).
Using traditional economics to understand the consequences of human-caused #climatechange will give you the wrong answers.
(3/3)
Using traditional economics to understand the consequences of human-caused #climatechange will give you the wrong answers.
(3/3)
(And no, the estimate that it might only be 10% of GDP isn't any better.)
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