Climate Economics

One of the major debates in our political culture today surrounds global warming, and what to do about it. Since I think that the scientific evidence suggests that this far and away the key political and moral question in our world today I try to pay attention to the debate.

Paul Krugman, noble prize winning economist recently wrote this reflection on climate change economics, which I found fascinating, and a really good outline of the debate.

http://www.nytimes.com/2010/04/11/magazine/11Economy-t.html?pagewanted=all

I confess, this is a huge article, and may be a bit intimidating.
In short,

since Carbon Dioxide emissions are causing global warming, society ought to make emitters pay for them. Thus, a carbon tax or cap and trade program.

While this will be expensive, the negative effects on the United States and global economy will be limited, because the tremendous power of American creativity and capitalism will adapt.

The costs of ignoring climate change will certainly be more devastating in terms of human lives, as well as in terms of GDP.

The political realities right now make this pretty difficult.

It is my prayer that this is something this generation enacts, so that our children's children might be more likely to flourish.