When Idiot Savants Do Climate Economics

Read this article to understand how neoliberal economist are the dumbest motherfuckers on the entire planet. Some choice quotes

Nordhaus’s models tell us that at a temperature rise somewhere between 2.7 and 3.5 degrees Celsius, the global economy reaches “optimal” adaptation.

Among most scientists, it’s lunacy to discuss optimization of anything anywhere when the globe hits even 2 C warming. Climate researchers Yangyang Xu and Veerabhadran Ramanathan, in a widely cited 2017 paper, defined 1.5 C warming as “dangerous” and 3 C or greater as “catastrophic,” while above 5 C was “beyond catastrophic,” with consequences that include “existential threats.”

“The risk of multi-breadbasket failure is increasing, and rises much faster beyond 1.5 C of global heating. … Such shocks pose grave threats — rocketing food prices, civil unrest, major financial losses, starvation, and death.”

By contrast, when Nordhaus looked at the effects of 6 C warming, he did not forecast horror. Instead, we should expect “damages” of between 8.5 percent and 12.5 percent of world GDP over the course of the 21st century.

In an email to The Intercept, Nordhaus characterized his colleagues’ critiques as “a distorted and inaccurate description of the work and my views. [...] He declined to elaborate on any distortions or inaccuracies.

Lmao, thanks for confirming idiot.

Nordhaus calculates GDP of a particular location as fundamentally related to the temperature of that place. So, if in 2023 it’s a certain temperature in London, and the GDP in London is such-and-such, it’s reasonable to assume that when latitudes north of London rise in temperature in the future, GDP will rise to be the same as London’s today. Make of this what you will — it’s foolishness on a grand scale, and yet it’s central to the Nordhaus model.

The fourth fatal error Nordhaus makes is the most farcical. In a 1991 paper that became a touchstone for all his later work, he assumed that, because 87 percent of GDP occurs in what he called “carefully controlled environments” — otherwise known as “indoors” — it will not be affected by climate. Nordhaus’s list of the indoor activities free of any effects from climate disruption include manufacturing, mining, transportation, communication, finance, insurance, real estate, trade, private sector services, and government services.

The one below is my favourite, agriculture is only 3% of GDP, so if it disappeared the economy would be fine.

Nordhaus has opined that agriculture is “the part of the economy that is sensitive to climate change,” but because it accounts for just 3 percent of national output, climate disruption of food production cannot produce a “very large effect on the U.S. economy.” It is unfortunate for his calculations that agriculture is the foundation on which the other 97 percent of GDP depends. Without food — strange that one needs to reiterate this — there is no economy, no society, no civilization.