by Summary:
Global warming will devastate economies. This isn’t just a catchy phrase. It’s a reality that’s being ignored. Many believe that economies are resilient. They think they can bounce back from anything. This is a comforting myth. The truth is, ignoring climate impacts is like ignoring a ticking time bomb. When it finally goes off, the damage will be catastrophic. Assuming no damage to capital, labor, or technology is absurd. It’s like saying a ship can sail through a storm without any risk. The ship will eventually capsize. Studies show that a 4°C increase could reduce global GDP by nearly 25% by 2100【6:0†source】. Yet, some economists downplay this. They argue that a small percentage drop in GDP is negligible. But this perspective is dangerously shortsighted. A
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Steve Keen considers the following as important:
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Global warming will devastate economies. This isn’t just a catchy phrase. It’s a reality that’s being ignored. Many believe that economies are resilient. They think they can bounce back from anything. This is a comforting myth. The truth is, ignoring climate impacts is like ignoring a ticking time bomb. When it finally goes off, the damage will be catastrophic. Assuming no damage to capital, labor, or technology is absurd. It’s like saying a ship can sail through a storm without any risk. The ship will eventually capsize. Studies show that a 4°C increase could reduce global GDP by nearly 25% by 2100【6:0†source】. Yet, some economists downplay this. They argue that a small percentage drop in GDP is negligible. But this perspective is dangerously shortsighted. A
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Mike Norman writes The 20 EMU Member States are not currency issuers in the MMT sense — Bill Mitchell
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John Quiggin writes We or They
John Quiggin writes Monday Message Board
| Global warming will devastate economies. This isn’t just a catchy phrase. It’s a reality that’s being ignored. Many believe that economies are resilient. They think they can bounce back from anything. This is a comforting myth. The truth is, ignoring climate impacts is like ignoring a ticking time bomb. When it finally goes off, the damage will be catastrophic. Assuming no damage to capital, labor, or technology is absurd. It’s like saying a ship can sail through a storm without any risk. The ship will eventually capsize. Studies show that a 4°C increase could reduce global GDP by nearly 25% by 2100【6:0†source】. Yet, some economists downplay this. They argue that a small percentage drop in GDP is negligible. But this perspective is dangerously shortsighted. A 0.33% reduction in annual growth may sound minor. But over decades, it compounds into massive losses. Imagine a tree that grows 3% a year. If it suddenly grows only 2.67%, it’s still a tree. But over time, it becomes a shadow of its former self. What’s right instead? We need realistic models to prepare for the future. Models that account for the real-world impacts of climate change. Ignoring tipping points is like ignoring the edge of a cliff. You might think you’re safe until you’re not. The practical reality is that if we don’t adapt, we risk economic collapse. This isn’t just theory. It’s a call to action. The time to act is now. Otherwise, we’ll be left with a broken economy and a devastated planet. |