I am deeply chagrined to see Brad DeLong take me to the woodshed for mischaracterizing one aspect of Prof. Parth Dasgupta’s criticism of the Stern Review on the Economics of Climate Change.

Prof. Dasgupta does not criticize Stern’s use of a 0.1% discount rate (that’s Prof. William Nordhaus’ job) per se. He criticizes the use of that discount rate while simultaneously ignoring the difference in well-being between present and future generations. That was indeed the point of my post, but I inadvertently suggested that Prof. Dasgupta complaint resided in the discount rate.

Mea culpa.