Benefits of Global Warming

A new WSJ article signed by 16 scientists:

A recent study of a wide variety of policy options by Yale economist William Nordhaus showed that nearly the highest benefit-to-cost ratio is achieved for a policy that allows 50 more years of economic growth unimpeded by greenhouse gas controls. This would be especially beneficial to the less-developed parts of the world that would like to share some of the same advantages of material well-being, health and life expectancy that the fully developed parts of the world enjoy now. Many other policy responses would have a negative return on investment. And it is likely that more CO2 and the modest warming that may come with it will be an overall benefit to the planet.

Further comment on Econlog, discussing an article here.

I hope the reader will agree with me that Nordhaus is certainly inviting the reader to infer that now and in the future, the best available studies (as summarized by leading scholar Richard Tol) show that emissions of GHG will cause net damages.

The issue is whether most studies support the view that there will be a net benefit from CO2 emissions for at least 30 to 50 years, while net costs only occurr after an increase in global temperatures from 1.2 to 2 degrees C.

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