The social cost of carbon - or marginal damage caused by an additional ton of carbon dioxide emissions - has been estimated by a U.S. government working group at $21/tCO2 in 2010. That calculation, however, omits many of the biggest risks associated with climate change, and downplays the impact...

Computable general equilibrium (CGE) models of world trade, often presented as demonstrating the benefits of trade liberalization, are now making rather less promising forecasts than they used to just a few years ago. The estimated benefits are not only smaller in the aggregate, but also skewed...