The Cost of Inaction Outweighs the Cost of Action

In the short run, if you don't act, you can achieve some better economic outcomes. But in the very long term, it's more expensive to do nothing than to do something. In all scenarios, the economy is actually lower than if there was no climate change. And then the third basic result was of all the policy efforts, steps that we considered, carbon tax seemed to be particularly one that's phased in slowly over time. It results in the least amount of lost GDP economic damage out there in the forecast.