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Don’t just be skeptical of climate change models. Be skeptical of the predicted costs of climate change, too.
Evidently, that same scientific skepticism should be applied to models that claim to estimate the economic and social costs of climate change, as well.
The National Bureau of Economic Research recently published an analysis of these models by an economist at MIT. In short, the paper eviscerated the various models to estimate the social and economic damage of climate change, arguing that “these models have crucial flaws that make them close to useless as tools for policy analysis.”
The author further finds the models’ descriptions of climate change impacts have “no theoretical or empirical foundation” and points out that they “tell us nothing about the most important driver” of social costs of climate change, which is the likelihood of a catastrophic climate outcome (in terms of social impact, not temperature change).
He concludes that these models “create a perception of knowledge and precision, but that perception is illusory and misleading.”
The author …read more
Like this? Get more, directly, via : http://sutherlandinstitute.org/news/2013/08/06/models-of-climate-change-costs-are-completely-made-up-mit-economist-says/