Climate change will cost more than we think

Since climate scientists have been underestimating the rate of climate change and the severity of its effects, then economists will necessarily underestimate their costs

For some time now it has been clear that the effects of climate change are appea­ring faster than scientists anticipated.  Now it turns out that there is another form of underestimation as bad or worse than the scientific one: The underestimating by economists of the costs.

The result of this failure by economists is that world leaders understand neither the magnitude of the risks to lives and livelihoods, nor the urgency of action. How and why this has occurred is explained in a recent report by scientists and economists at the London School of Economics and Political Science, the Potsdam