Climate hawks have long had the strong instinct that it’s the economic models, not the physical-science models, that are missing something — that the current expert consensus about climate economic damages is far too sanguine — but they often lack the vocabulary to do any more than insist.
As it happens, that vocabulary exists. At this point, there is a fairly rich literature on the shortcomings of the climate-economic models upon which so much political weight rests.
Two recent papers help simplify and summarize that literature. They are addressed to different audiences (one the US, one the international community), but both stress the importance of improving these lagging models before the next round of policymaking. I’ll touch on the US-focused one first, the international one second.