The New York TimesThe New York Times

Pace of climate change sends economists back to drawing board

By Lydia DePillis

25 Aug 2022 · 7 min read

This article provides a comprehensive overview of all that US economists wrongly assumed about the climate crisis and potential new policy solutions.

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Economists have been examining the effect of climate change for almost as long as it has been known to science.

In the 1970s, Yale economist William Nordhaus began constructing a model meant to gauge the effect of warming on economic growth. The work, first published in 1992, gave rise to a field of scholarship assessing the cost to society of each ton of emitted carbon offset by the benefits of cheap power — and thus how much it was worth paying to avert it.

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