T C A on Economics and Climate Change:
- “There’s this to be said about economists: they go where the money is. When poverty studies had the funding, they went there; now that climate change has it, they are herding there. Their studies on poverty made no difference to poverty, except their own; their studies on climate change will make no difference to the climate, either.
- I have asked scores of economists, including three Nobel Laureates, about this problem. Not one had an answer because, in fact, there is no answer. And it should be noted: this has nothing to do with the idea of a social rate of time discount.
- It should be evident from this that it is impossible to work out anything that is even remotely sensible. And the reason for that is that economics is not the right intellectual tool to apply to the perceived problem of climate change. The answer lies in changing the energy base of the world. That needs science and technology, not economics.”