https://www.aier.org/article/fake-science-fuels-climate-extremism/
“Follow the science,” we are told, especially the junk science that climate alarmists invent. I recently debunked a piece of junk climate science whose alarmism was featured in the Wall Street Journal, Bloomberg, CNN, CBS, and elsewhere. The junk science was produced by the Federal Reserve. Fed officials claimed that warming will cut economic growth by a third, but my simple statistical analysis showed their results were within the margin of error and that minor improvements and new data flip their result!
Mainstream economics shows that warming will have minor economic effects compared to the economic growth we expect over the next century. That is a problem for the climate lobby, which unfortunately includes the Fed. Since economic growth will swamp the economic effects of global warming, the Fed set out, it seems, to prove that warming will reduce growth. The fact that Florida, on average 26 degrees warmer than Michigan, has grown faster didn’t faze them.
The Fed isn’t the only institution to fall into chicanery. The study was published in a peer-reviewed academic economics journal, given wide media coverage, and cited in a congressional report to justify the Green New Deal. Bogus research makes big splashes. But when it is debunked, there isn’t a ripple.
The best economic model, validated by a Nobel Prize for William Nordhaus, shows that if nothing is done to reduce emissions, warming will reduce world GDP by about three percent by the year 2100. If global GDP continues to grow at the rate it has been growing, then the world in 2100 will be five times richer than it is today. A three-percent reduction in GDP would make us 4.8 times richer instead of 5.0 times. Not exactly catastrophic! Mainstream economics doesn’t deny climate change and accepts that some policies to mitigate it might pass a cost-benefit test. But it does not predict a climate apocalypse, even if we do nothing.