Paul Krugman on the economic effects of global warming on food prices (graph above shows the price of corn over the year):
The economic consequences will be large: maybe 1 percent on U.S. consumer prices, but suffering and food riots in poorer nations that spend more of their income on food.
Yet with so much of the American political spectrum in fierce denial over the issue, there is no prospect whatsoever of getting action.
So what do you say?
The field of economics has only recently started to really take environmental and scientific truths seriously – that there are not infinite resources, that global warming effects the economy, and what are regarded as ‘externalities’ have long term consequences. America sadly is way behind in the more holistic approach to understanding the intrinsic links between the environment and economy, and as the world’s biggest consumer of natural resources, it is a bit of a disaster.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.