It is difficult to anticipate the consequences of climate change, and even more difficult to calculate the costs of trying to adapt to possible changes. The General Accountability Office has tried to estimate the costs to the US federal government of necessary adaptations to foreseeable changes. Needless to say, the costs could be considerable. It would seem far cheaper to try to avoid the changes than to adapt to them.
There is quite a controversy in Europe over the use of horsemeat in foods that are labeled “beef.” Ordinarily, such a story would not be something I would post, but it reflects a growing concern in the global economy over “hidden” inflation. We typically worry about price increases as the best index of inflation. But lowering the quality of goods and services is another way that firms can maintain profitability while charging the same price for those goods and services. Given that price increases are difficult to impose in a very slow economy, we can expect that other firms will also try to lower quality secretly.
The Japanese Defense Minister has suggested that the country should develop a pre-emptive strike capability. Such a capability would certainly arouse strong suspicions in East Asia over Japanese intentions. Admittedly, the Japanese are facing new military capabilities from both China and North Korea, and some changes to Japanese military posture were inevitable. A different rhetoric, however, might have been called for.
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