In the inaugural chapter of “Economics in One Lesson,” Hazlitt’s axiom, “The art of economics consists in looking not merely at the immediate, but at the longer effects of any act or policy,” serves as the theoretical framework for evaluating climate change economics.

Hazlitt’s proposition underscores the necessity of temporal analysis when dissecting the ramifications of climate policies. The immediate consequences often touted may mask latent, protracted impacts that necessitate a comprehensive understanding.

In the context of climate change, this principle becomes a heuristic for scrutinizing policy decisions. The chapter prompts a critical examination of the temporal dimensions associated with mitigation and adaptation strategies. Decisions focusing solely on short-term gains may inadvertently neglect enduring consequences, hindering the efficacy of climate action.

Considered through the lens of opportunity cost, Hazlitt’s lesson directs attention to the alternative courses of action forfeited in the pursuit of specific climate policies. The intricate interplay of costs and benefits, often obscured by immediate gains, becomes the focal point for evaluating the efficiency of climate initiatives.

Hazlitt’s lesson serves as a navigational instrument in the complex landscape of climate economics, urging stakeholders to adopt a strategic, forward-thinking approach. The analysis encourages a recalibration of perspectives, emphasizing the significance of accounting for long-term effects in the formulation and implementation of climate policies.

In essence, Chapter 1 of “Economics in One Lesson” provides a foundational framework for examining climate change economics, emphasizing the imperative of temporal considerations and opportunity cost analysis in crafting sustainable, effective climate strategies. This chapter acts as a lodestar, guiding policymakers and economists through the intricate terrain of climate economics with a focus on the enduring consequences of their decisions.