Sandy and broken windows

Preparing for disaster may have "economic benefits". But it doesn't have real benefits.

Slate's Matt Yglesias makes a very important point with regard to the economic benefits of adapting to climate change:

The basic issue is the same as the one where jobs installing iron gates on windows and alarm systems in houses are economic activity just like jobs installing refrigerators and AV systems. Living in fear of crime is annoying all on its own, and needing to expend real resources on private crime-mitigation efforts rather than improving your quality of life is annoying, but as far as "the economy" is concerned a job is a job and a sale is a sale. Much the same is true for a wealthy society's response to adverse weather shocks.

Of course, the same can be said, to a certain extent, for the economics of fighting climate change. While environmentalists are right to trumpet the economic benefit of putting huge amounts of effort into efforts to decarbonise the economy, some of those benefits may follow a similar sort of logic to that described above. If there is no intrinsic advantage to wind farms over gas power stations other than ameliorating climate change, then decarbonising the economy may "boost GDP", but it is still using real resources on something which will have no effect on quality of life.

Except, of course, if it succeeds in preventing climate change.

Coincidentally, the comic Saturday Morning Breakfast Cereal made the same point today in a rather different manner. And it's all really just a rephrasing of Bastiat's 1850 elaboration of the broken window fallacy. But still worth a mention.

A panel from today's Saturday Morning Breakfast Cereal. Image: www.smbc-comics.com

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Donald Trump vs Barack Obama: How the inauguration speeches compared

We compared the two presidents on trade, foreign affairs and climate change – so you (really, really) don't have to.

After watching Donald Trump's inaugural address, what better way to get rid of the last few dregs of hope than by comparing what he said with Barack Obama's address from 2009? 

Both thanked the previous President, with Trump calling the Obamas "magnificent", and pledged to reform Washington, but the comparison ended there. 

Here is what each of them said: 

On American jobs

Obama:

The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth.  We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.  We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost.  We will harness the sun and the winds and the soil to fuel our cars and run our factories.  And we will transform our schools and colleges and universities to meet the demands of a new age.

Trump:

For many decades we've enriched foreign industry at the expense of American industry, subsidized the armies of other countries while allowing for the very sad depletion of our military.

One by one, the factories shuttered and left our shores with not even a thought about the millions and millions of American workers that were left behind.

Obama had a plan for growth. Trump just blames the rest of the world...

On global warming

Obama:

With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.

Trump:

On the Middle East:

Obama:

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. 

Trump:

We will re-enforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate completely from the face of the earth.

On “greatness”

Obama:

In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned.

Trump:

America will start winning again, winning like never before.

 

On trade

Obama:

This is the journey we continue today.  We remain the most prosperous, powerful nation on Earth.  Our workers are no less productive than when this crisis began.  Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year.  Our capacity remains undiminished.  

Trump:

We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs.

Protection will lead to great prosperity and strength. I will fight for you with every breath in my body, and I will never ever let you down.

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland