Climate Change’s Economic Impact: An Unpredictable Future Economists Struggle to Model
While predictive models present a wide spectrum of potential economic damages from climate change—ranging from catastrophic to modest—which future will actually materialize? The Atlantic delves into how this fundamental uncertainty complicates the development of economic policies for climate action. Despite scientific advancements, pinpointing the probability of these outcomes impacting future economies remains a significant challenge.
This complexity necessitates evaluating not just future economic growth but also broader factors like societal well-being and ecological impacts. Economists are confronted with the exceedingly difficult question of how to make rational decisions in the face of an uncertain future, making addressing this core issue pivotal for building a sustainable world.
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