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Paul Krugman: Building a Green Economy http://apocadocs.com/s.pl?1270999051
You might think that this uncertainty weakens the case for action, but it actually strengthens it. As Harvard's Martin Weitzman has argued in several influential papers, if there is a significant chance of utter catastrophe, that chance -- rather than what is most likely to happen -- should dominate cost-benefit calculations. And utter catastrophe does look like a realistic possibility, even if it is not the most likely outcome.
Weitzman argues -- and I agree -- that this risk of catastrophe, rather than the details of cost-benefit calculations, makes the most powerful case for strong climate policy. Current projections of global warming in the absence of action are just too close to the kinds of numbers associated with doomsday scenarios. It would be irresponsible -- it's tempting to say criminally irresponsible -- not to step back from what could all too easily turn out to be the edge of a cliff.... And in a more general sense, given the twists and turns of American politics in recent years -- since 2005 the conventional wisdom has gone from permanent Republican domination to permanent Democratic domination to God knows what -- there has to be a real chance that political support for action on climate change will revive.
If it does, the economic analysis will be ready. We know how to limit greenhouse-gas emissions. We have a good sense of the costs -- and they're manageable. All we need now is the political will.
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'Doc Michael says:
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"Political will"? What's that?
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