Some economics nerds just realized how much climate change will cost us
A bunch of economists just put down their calculators and concluded that we should act on climate change sooner rather than later. Really.
For decades, economists have suggested that the government should charge a fee on every ton of carbon dioxide that gets emitted, giving companies a bottom-line incentive to change their polluting ways. The conventional wisdom is that we’d ease into it, starting with a low price — say, $40 per ton — and gradually ramp it up over time.
But according to a new paper in the Proceedings of the National Academy of Sciences, that prevailing wisdom is backwards. The authors argue that a carbon tax should start out steep, above $100 per ton (and potentially above $200 per ton), rise higher for a few years, and then slowly fall over the next few centuries as people get the whole climate crisis thing under control.
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