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:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
| 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. |