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Global Warming: Economic Devastation Ahead

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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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.
Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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