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In 2018, William Nordhaus won the Nobel Prize in economics for his research that showed that an increase in average global temperature of 1 degree Centigrade would lead to a reduction in global economic input of between 1 and 3%. That has been the conventional wisdom on the economic impact of global heating since then, but new research by Adrien Bilal of Harvard University and Diego Känzig of Northwestern University comes to quite a different conclusion.
In a research paper dated May, 2024, entitled The Macroeconomic Impact of Climate Change: Global vs. Local Temperature, they conclude that the economic impact of global heating is six times greater than what Nordhaus said it was. In the introduction, the pair explain, “We reach this conclusion in two steps. First, we rely on a…
Read the full article originally published at cleantechnica.com.
