Annals of global warming: Would you worry if it shrinks your paycheck?


Then worry.

Scientists estimate the impact of climate change on the world economy - from Nature Magazine

Scientists estimate the impact of climate change on the world economy – from Nature Magazine via MarketWatch

MarketWatch’s Silvia Ascarelli wrote:

Your grandchildren may pay a bigger price for global warming than you thought.

A hotter Planet Earth will cool down national economies, according to fresh research from scientists at Stanford University and the University of California, Berkeley.

Average U.S. income could shrink 36% by 2100 because of climate change from what it would be without global warming, they say. That is more than other, earlier studies have suggested.

But not all countries will suffer. Russia, Canada and countries in Northern Europe should benefit from warmer temperatures, according to the scientists’ models, because they have yet to reach what the scientists called the optimal average temperature for an economy — 55 degrees Fahrenheit, roughly where the U.S. is now.

“We were surprised at how important temperature is for the global economy,” said Solomon Hsiang, an associate professor of public policy at Berkeley and one of the co-authors of the study along with Marshall Burke, an assistant professor in earth system science at Stanford, and Edward Miguel, Oxfam professor in environmental and resource economics at Berkeley.

Global per capita gross domestic product will be down 23% at the turn of the next century if global warming isn’t slowed, the study found. The impact will be more severe in China — average income will shrink 43%—and Mexico, where average income could plunge 73%.

More at MarketWatch.

Should we worry? Can we afford global warming?

One Response to Annals of global warming: Would you worry if it shrinks your paycheck?

  1. cheekos says:

    What is so sad about Global Warming is that Exxon knew about it–and was studying it and even briefed its Executive Committee–in 1977.

    Rather than act, they colluded with other oil and coal co-conspirators, hired the same PR firm that “(mis)managed” the information for Big Tobacco, and their lobbyists have been pushing the envelope ever since.

    Like

Please play nice in the Bathtub -- splash no soap in anyone's eyes. While your e-mail will not show with comments, note that it is our policy not to allow false e-mail addresses. Comments with non-working e-mail addresses may be deleted.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: