The Intercept has a long take-down of William Nordhaus’s DICE climate change economic model. Well, it’s not just this journalist, who may not have past middle school algebra for all we know, in this openly left-leaning publication taking him down, it’s Joseph Stiglitz, Nicholas Stern, and Herman Daly among others. So despite some unnecessarily inflammatory language, I found the article to be a good summary of where this debate stands.
The basic take-down is that Nordhaus’s model ignores those “fat tail” tipping point scenarios, and is basically just extrapolating recent data far into the future in a linear manner, without consideration of true system dynamics. I might agree, but I can also see the point Nordhaus himself makes that our global society is doing much less than even his somewhat conservative model would recommend. Scientists sometimes deserve to be accused of “paralysis of analysis” – because there is some controversy, politicians and corporate leaders can rationalize continuing to do nothing. When in reality, all the economists and scientists cited here, who vehemently disagree with each other, all agree that our global society is doing too little too late to avert catastrophe. If our leaders would do what Nordhaus is recommending, it would be a huge step in the right direction, and then we could have a useful debate about whether we have done enough or still need to do more. We are nowhere near that point so this is quite literally an academic debate. If the more catastrophic scenarios people are talking about were moving the politicians in the right direction, that would be one thing, but I am not convinced. I think seeing the experts argue with each other just gives the politicians excuses. And we KNOW most of them failed elementary school arithmetic.