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How exactly does the world get richer if damages start to exceed the growth rate of global GDP?
No, these costs are not cumulative. It is the cost in, say, 2100, from baseline. So, for the SSP5, each person will be 10,700% as rich as today, but subtract about 2-4%, so 'only' 10,300-10,500% as rich as today We'd rather be 10,700% as rich, but 10,300% ain't bad either
The Integrated Assessment Models literally *assume* robust growth, and for the most part, that damages are one-time shocks/costs, after which compounding growth resumes and overwhelms virtually any contemplated cost. Say, the complete and ongoing collapse of agriculture. 1/2
The IAM's would recognize that as a minor hit because agriculture as a % of global GDP is quite small... 2-3% maybe? Growing sports tix or cell phone sales could quickly compensate. Nice work if you can get it.
That doesn't make a lot of sense to me. You're arguing that the impacts of 6C would be barely noticeable. That's nonsensical.
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