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A recent report from this organization says that to avoid the worst effects of climate change, 'we can’t afford to drill up any oil and gas from new fields anywhere in the world.'
All that is happening is that the slower growth, inflicted on the US economy by Fed tightening, is now having a slowing effect on US operating earnings per share growth.
History shows that a much smaller population could indeed survive in Australia without using mineral hydrocarbons, but life with zero man-made emissions would be grim.
The IPCC summarises: estimates of global annual economic losses for an additional temperature increase of 2°C are between 0.2 and 2.0 per cent of income.
By 1934, Joseph Schumpeter and Wesley Mitchell had written that the business cycle contained a self-correcting normal rhythm which should be left to itself to do its work.
The HILDA report, released this week, showed that median disposable income in Australia dropped by $542 from 2009 to 2017, despite the fact that Australia has had the highest population growth rate in the developed world.
