Bjorn Lomborg has been writing a series of opinion pieces in The Wall Street Journal on climate change. His latest from November 11 (see above) discusses the cost of doing something about climate change and the cost of not doing something. His argument is that there is a balance between these two and the goal ought to be to optimize (i.e., minimize) the amount society spends on dealing with global warming.
He makes good sense. There’s an opportunity cost to almost everything. There’s the cost of doing and the cost of not doing. Lomborg presents a graph derived by Nobel laureate William Nordhaus that plots the delicate balance we should be striving for in spending on battling climate change vs. the amount climate change is costing us.