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Much of the literature on how climate change will impact GDP estimates that the economic will be very large. Moreover, the estimates vary widely, with some studies predicting catastrophic economic consequences of global warming. Are those estimates reasonable?
Hosts and finance professors Jonathan Berk and Jules van Binsbergen have written a new paper with Stanford research fellow Cem Kozanoglu called Permanent Climate Change and GDP. In their study, they examine the long-term effects of climate change on economic activity by looking at the effect on individual productivity of choosing to move within the US, and come up with the surprising result that existing estimates may grossly overstate the economic cost of permanent climate change.
On this episode, Jonathan and Jules discuss their research findings, including addressing why current research methods might not accurately measure the effect on GDP of climate change and why internal migration patterns in the U.S. might be a better alternative approach to estimating the economic effect of climate change.
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