The Economics Of Climate Change

Martin Weitzman, a distinguished economist from Harvard, provides a cogent description of the economics of climate change.  He summarizes the science of climate change as well as the implications of the increasing rate of carbon emissions. He also outlines the discounting method that economists use to weigh the costs of mitigation against the future benefits that might be received from avoiding the damages from climate change.  He concludes that there is only one rational response to the threat of climate change.  We can't be certain about the costs, or the extent of damages from climate change, but a rational public would insure itself against the possible catastrophic consequences of doing to little.  Stabilizing the rate of carbon emissions is not the solution.  We must cut the rate of carbon emissions or face the consequences of inaction.  The price is small relative to a potential catastrophe.  We should not have to explain to future generations why we did not purchase  insurance against catastrophe.