What Climate Change Requires of Economics
Although the economics discipline has evolved over time to acknowledge environmental risks and costs, it has yet to rise to the challenge of climate change. A problem as massive as this one will require a fundamental reconsideration of some of the field's most deeply held assumptions.
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BOSTON – This summer’s record-breaking heat wave in the American northwest offered a reminder – as if it were needed – of what anthropogenic climate change will mean for living conditions now and in the future. Average global temperatures have already risen to 1.2° Celsius above pre-industrial levels and could increase by another 5°C over the next 80 years. This warming is hastening the extinction of many species and rendering parts of the world less hospitable for human habitation. By some estimates, climate change may force more than one billion people to migrate by 2050.