Much micro-econometric evidence suggests that precipitation has wide ranging impacts on vital economic indicators such as agricultural yields, human capital, and even conflict. And yet paradoxically most macro-econometric evidence (especially in the climate economy literature) finds that...

"The 21st century will witness the collision of two powerful forces - burgeoning population growth coupled with a changing climate. With population growth, water scarcity will proliferate to new areas across the globe. With climate change, rainfall will become more fickle, with longer and deeper...