Flawed economic models mean climate crisis could crash global economy, experts warn

I’m reminded of this article

https://theintercept.com/2023/10/29/william-nordhaus-climate-economics/

To understand the gap between climate scientists and climate economists, one must first understand that most economists — the folks we call mainstream or neoclassical economists — have little knowledge of or interest in how things really work on planet Earth. The problem of their ecological benightedness starts as a matter of training at university, where a typical undergraduate course in economics prepares students for a lifetime of abject ignorance about the complex underpinnings of the thing called the “market.”

Any economic system that doesn’t have ecology as the base can only be rubbish

As early as 1991, a report from a commission on “graduate education in economics” warned that the university system in the United States was churning out “too many idiot savants,” economists “skilled in technique but innocent of real economic issues” — unable, that is, to look into the real nature of things.

Models are useless things for economic forecasting

"The only function of economic forecasting is to make astrology look respectable." — Ezra Solomon, professor of finance, Stanford University

Ignorance of systems has its way of plowing forward, juggernaut-like. Nordhaus has opined that agriculture is “the part of the economy that is sensitive to climate change,” but because it accounts for just 3 percent of national output, climate disruption of food production cannot produce a “very large effect on the U.S. economy.” It is unfortunate for his calculations that agriculture is the foundation on which the other 97 percent of GDP depends. Without food — strange that one needs to reiterate this — there is no economy, no society, no civilization. Yet Nordhaus treats agriculture as indifferently fungible.

Wot. That was always what was going to happen.

Scientists have been told to hold back on the claims because they are to extreme to be accepted… everyone’s been fighting over the very unlikely best scenario and the greedy monsters cannot even let that be. We are doomed. Shame those responsible will enjoy the apocalypse more than their victims (everyone else).

Execute the luigi protocol please.

Not the economy!

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we can’t bail out the Earth like we did the banks.