Bringing Realism to the Economics of Climate Change – ISRS of UCL
Economic models dominate humanity’s response to climate change. These models omit the role of energy in production, while in fact, nothing can be produced without energy, and waste from energy use is the primary cause of climate damage. Complex dynamic models are needed to capture these effects, and at the same time, these models must be understandable by non-expert policymakers if they are going to affect our policy responses to global warming. “It takes a model to beat a model”.