In the circular flow diagram of standard economics, nothing enters from the outside to keep it flowing, and nothing exits as a result of the flow. There are no resource inputs from the environment: no oil, coal, or natural gas, no minerals and metals, no water, soil, or food. There are no outputs into the ecosphere: no garbage, no pollution, no greenhouse gasses. That’s because in the circular flow diagram, there is no ecosphere, no environment. The economy is seen as a self-renewing, perpetual-motion merry-go-round set in a vacuum. …
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.” …
“If the [Atlantic meridional overturning circulation] slows down a little, the global impact is a positive 0.2-0.3 percent of income,” they concluded. “This goes up to 1.3 percent for a more pronounced slowdown.” They argued that while climate heating cooks the rest of the world, European countries will benefit from a cooling effect of the current’s collapse. …
the last time Earth experienced those kinds of temperature differentials, during the interglacial Eemian era roughly 120,000 years ago, raging tempests deposited house-sized boulders on coastlines in Europe and the Caribbean. …
Following the advice of investment consultants, pension funds have informed their members that global warming of 2-4.3 C will have only a minimal impact upon their portfolios
When Idiot Savants Do Climate Economics
So, I should put all my subsistence into climate gamble bonds?