Economist David Friedman makes three important points in his recent Substack column:
- According to mainstream predictions, global warming will cause worldwide per capita income by the end of this century to be a few percentage points lower than if there were no warming.
“If you go by expert opinion, William Nordhaus or the body of the IPCC [Intergovernmental Panel on Climate Change] report, the cost for humans of climate change over the rest of this century will be equivalent to the cost for humans of a reduction in world GNP of a few percent, reducing the increase in GNP per capita to something like 285% instead of the 300% it would be without climate change.
- This means that in the year 2100 it will take just five more years before economic growth produces the level of income they would have enjoyed with no warming at all. (A seemingly small inconvenience—considering that income at that time will be three times higher than it is today.)
- This prediction is based on estimates from William Nordhaus and the body of the IPCC report. In other words, this is not the prediction of the skeptics. It is the prediction of the mainstream believers in global warming.
For another commentary on climate change by David Friedman see how he skewers the media for bad reporting.
Image by Pexels for Pixabay.