“There is no underlying economic theory and we have no empirical data by which to estimate the impacts on humans coming from even moderate (let alone large) increases in global temperatures. Thus when economists design computer simulations of the global climate and economy, going centuries into the future, they literally just make up relationships between hypothetical temperature increases and the corresponding percentage decrease in the global GDP. Then, in an excellent illustration of ‘groupthink,’ the creators of these made-up damage functions justify them by pointing to third-party summaries done of their own (made-up) damage functions.”

http://consultingbyrpm.com/blog/2013/08/mit-economists-audacious-paper-on-economic-climate-models.html

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