No rainbows and flying unicorns.
Via Times Gazette:
Researchers from Universities of Stanford, Berkley and California evaluated 50 years of data to arrive at a relationship between economic functioning and temperature. The team focused on geological areas and wealth measurement of nations to examine the transition in them at times when climate change occurred.
According to NATURE, if the temperature continues to rise at present levels, the global income could dip by 20 to 40 percent at the turn of the present century. The study authors envision that on an average we will witness a 23 % reduction in the projected global output by the year 2100. Further, this study has been released ahead of the UN Conference on climate change scheduled to be held in Paris later during this year.
The study determined an ideal average temperature annually to ensure optimal productivity. Canada, Russia and countries in Northern Europe may be favored by warmer temperatures according to the models developed by the scientists since they are yet to reach what the scientists determined as the optimal average temperature in terms of the economy which is 55 degrees Fahrenheit. Broadly, this recommended average is where the US is presently. Economic growth can be impacted when the temperature moves above or below this ideal condition. Brief unrest in the economy may be experienced by rich countries, but growth can also drop off significantly if temperatures rise beyond the critical verge.
The conclusion therefore is that costs associated with temperature will move higher compared to what was estimated previously and that in turn will lead to a stir with potentially stark repercussions in terms of policy, says Thomas Sterner, an economist at the University of Gothenburg, Sweden in his commentary on this paper.