The primary basis for advocating high discount rates, said Stern, is "the unwarranted assumption that future incomes will almost certainly be much higher than now." This assumption "is simply not credible." Economic modelers such as Nordhaus, he said, need to factor in the possibility that global warming will create "an environment so hostile that physical, social, and organizational capital are destroyed."
[COVER IMAGE BELOW]
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).