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

Editor's Note

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

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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