Yes, America's Right-Wing Media Is a Three-Ring Clown Show. Why Do You Ask?

Must-Read: Robert Pindyck: The Use and Misuse of Models for Climate Policy: "Integrated assessment models (IAMs) have flaws that make them close to useless...

...as tools for policy analysis... create a perception of knowledge and precision that is illusory, and can fool policy-makers into thinking that the forecasts the models generate have some kind of scientific legitimacy.... A simpler and more transparent approach to the design of climate change policy is preferable.... What really matters for the SCC is the likelihood and possible impact of a catastrophic climate outcome: a much larger-than-expected temperature increase and/or a much larger-than-expected reduction in GDP caused by even a moderate temperature increase. IAMs, however, simply cannot account for catastrophic outcomes. Unless we are ready to accept a discount rate that is very small, the “most likely” scenarios for climate change simply don’t generate enough damages--in present value terms--to matter. That is why the Interagency Working Group, which used a 3 percent discount rate, obtained the rather low estimate of $33 per ton for the SCC...

http://web.mit.edu/rpindyck/www/Papers/PindyckClimateModels2015.pdf

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