“It doesn’t matter a damn what ethical assumptions you use,” says Michael Grubb, an expert on climate change policy at the University of Cambridge, cold financial arguments are enough to decide what to do about global warming. Spend now and reap the benefits later.
As arguments over the science behind climate change have cooled, the question of how much nations should be willing to pay has come to dominate the debate. Now Martin Weitzman of Harvard University has developed the first thorough method for including unlikely but extreme events, such as widespread crop failures, in cost-benefit analyses. When you…
