[Note: Although the giant snakes I mentioned in my preceding post may have fat tails, I didn't want my description of the discussion between Harvard`s Martin Weitzman and Yale`s William Nordhaus of the limits of cost-benefit analysis to be overlooked, so I have largely copied it below. I've added...
Austrian-leaning economist Bob Murphy , whose efforts last year to discount the work of Yale's William Nordhaus on how cost-benefit analysis merits current action on climate change I previously examined , is back with more, this time defending Nordhaus' work from the criticism that I alerted...