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Daly: Climate Risk and the Fed: Preparing for an Uncertain Certainty
Economies are, in many ways, perpetually evolving; adapting to new conditions and moving from one steady state to another. As these transitions occur, the path forward is often hazy. We can see the world shifting around us, but we’re not completely sure where we’ll end up. All we know for certain is that change is on the horizon. Society has faced many of these uncertain certainties: industrialization, globalization, the digital revolution. It’s increasingly clear that climate change is another one. While the severity and scope remain unclear, the consensus is that a changing climate poses a significant risk to ... (full story)