Most economic forecasts have a big blind spot: #ClimateChange #auspol #qldpol #nswpol #StopAdani #NoNewCoal @SciNate More to an Good economy than the price of electricity #ClimateCrisis #NEG

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Most economic forecasts have a big blind spot: Climate change

Lydia DePillis

Heat waves that ground airplanes.

Rising seas that drown waterfronts.

Wildfires that consume whole cities and blanket the West Coast in smoke.

Climate change is having a real impact, not just on the environment but on the economy too. And a growingbody of research by economists and climate scientists shows that extreme weather will weigh on economic growth even more so in the future. But almost no mainstream economic forecasting model takes that into account, in an omission that some economists say could affect the accuracy of economic predictions going forward.

The most recent study to quantify the economic impact of the carbon emissions that spur climate change was featured last week in a brief by the Federal Reserve Bank of Richmond.

By evaluating the performance of state economies in previous years, the report found that every…

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