So please stop complaining, put a hat, pull your bootstrap and go back to the construction site. And try not to fall in the ground because you might get a third degree burn on the asphalt and we can’t afford a replacement since nobody want to work anymore.
The Nordhaus estimates were always known for having limited utility for large changes in temperatures.
They assumed that damage to a sector wouldn’t matter much if it was currently a small part of the economy. For example, if agriculture was 2% of the US economy, and agricultural output went to zero, the result would be 2% damage to GDP. The real world doesn’t work that way though: people who are starving to death don’t work, so GDP would go to zero in that case.
What ? Climate change is impacting negatively the economy ?
No it’s not possible. Remember, 3°C of warming would only reduce the global GDP by 2.1%. (According to Nobel prize winner William Nordhaus)
So please stop complaining, put a hat, pull your bootstrap and go back to the construction site. And try not to fall in the ground because you might get a third degree burn on the asphalt and we can’t afford a replacement since nobody want to work anymore.
/s
The Nordhaus estimates were always known for having limited utility for large changes in temperatures.
They assumed that damage to a sector wouldn’t matter much if it was currently a small part of the economy. For example, if agriculture was 2% of the US economy, and agricultural output went to zero, the result would be 2% damage to GDP. The real world doesn’t work that way though: people who are starving to death don’t work, so GDP would go to zero in that case.
Imagine how much money shipping companies will make/save when they can send cargo haulers where the ice caps used to be!