I’ve referred previously to the Nordhaus research published last year [PDF of summary paper]. Neil Reynolds has a useful concise summary of key points in the July 2 Globe and Mail:
…In a brilliant analysis of carbon strategies - The Challenge of Global Warming: Economic Models and Environmental Policy, published last year - Dr. Nordhaus observes that the complexity of global warming rules out absolute certainty of any kind, whether academic or ideological. “Whatever goal we set will probably be incorrect.” Given this caution, it is essential to adopt a strategy that can be quickly adapted to changing circumstances and changing technologies, he says.
Dr. Nordhaus notes that a single technological advance in 2050, or in 2100, could render redundant trillions of prematurely invested dollars. This is one of the reasons why the most aggressive climate change strategies - the celebrated Stern Review proposals, the controversial dictums espoused by Al Gore - badly flunk the Nordhaus computer analysis test.
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