by In this video Prof Ian Stewart explains how the fossil fuel companies managed to dupe some of the public into believing that climate change is not a problem, or is even occurring. They learnt the trick from the cigarette and pharmaceutical companies.First of all, back in the 60's, scientists started warning about climate change and politicians took it seriously. The fossil fuel companies got concerned about it, though, but many economists accepted the theory, but added that the increased carbon would be good for plants and so food harvests would be increased. They said this would be good for the agricultural business, even though they were not scientists, or understand anything about the climate. So you had scientists on one side and economists on the other arguing about what was good for
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First of all, back in the 60's, scientists started warning about climate change and politicians took it seriously. The fossil fuel companies got concerned about it, though, but many economists accepted the theory, but added that the increased carbon would be good for plants and so food harvests would be increased. They said this would be good for the agricultural business, even though they were not scientists, or understand anything about the climate. So you had scientists on one side and economists on the other arguing about what was good for the environment. What a joke?
Neoclassical economists know the price of everything and the value of nothing. This video demonstrates again the problem of mainstream economics.